MAGNIT PJSC (MGNT)
S&P Global Ratings UPGRaDED MAGNIT'S CREDIT RATING TO "BB+" LEVEL
Krasnodar, Russia (December 20, 2021): Magnit PJSC (MOEX and LSE: MGNT; the Company), one of Russia's leading retailers, announces the upgrade of its rating to "BB+" level by S&P Global Ratings.
Please be informed that on December 17, 2021 S&P Global Ratings upgraded the long-term credit rating of PJSC Magnit from "BB" to "BB+"; Stable outlook.
S&P Global Ratings raised its rating on Magnit due to its improved competitive position and steady leverage. According to S&P Global Ratings, the Dixy acquisition has enhanced Magnit's scale, geographic footprint, and logistics capabilities. The Company extended its presence in the more-affluent and densely populated markets in Moscow, St. Petersburg, and adjacent regions. S&P Global Ratings expect Magnit to generate robust cash flows supported by balanced capital expenditure and a prudent financial policy.
Stable outlook indicates that S&P Global Ratings expect the Company to maintain its adjusted EBITDA margin at close to 11.5%, funds from operations (FFO) to debt of over 20%, and free operating cash flow (FOCF) broadly sufficient to cover all lease and dividend payments.
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|EQS News ID:||1260207|
|End of Announcement||EQS News Service|