Fitch Ratings has revised Aragvi Holding International Limited’s (Trans-Oil) Outlook to Positive from Stable. Issuer’s default ratings (IDRs) have been affirmed at 'B'. This is considered to be an impressive achievement given the current regional and geopolitical environment the Group is forced to operate in.


The Positive Outlook is driven by Trans-Oil’s increased scale and improved business diversification following the expansion of its Origination and Marketing segment into new countries such as Argentina and Germany with foreign origination reaching 86% of sales during FY21 (year end to June 2021).


The improved scale and business diversification are also underpinned by the acquisition of Serbian assets. This, together with a conservative capital structure and risk management, points to a strengthening credit profile.