TD Cowen Downgrades Ag Growth International Inc. Over Debt Management Risks

TD Cowen downgraded Ag Growth International Inc. from “buy” to “hold” on September 28, 2026. The downgrade emphasized the increased risk and cost associated with the company’s ability to manage upcoming debt maturities. Ag Growth International Inc. has an elevated leverage ratio of 5.2 times.

The downgrade reflects concerns over Ag Growth International Inc.'s financial stability and its ability to refinance debt. The company is seeking amendments to its $85-million senior debentures, proposing to extend the maturity date to 2030 and raise the interest rate from 5.25 per cent to 9.0 per cent. The success of these proposed changes remains uncertain, requiring a 66 2/3-per-cent approval at an October 28, 2026 meeting.