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MAGNIT PJSC (MGNT)

S&P Global Ratings upgraded Magnit's credit rating to 'BB+' level

20-Dec-2021 / 18:15 MSK

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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.


		### For further information, please contact: Dina Chistyak Head of Investor Relations dina_chisty [email protected] Office: +7 (861) 210 9810 x 15101 Media Inquiries Twitter [email protected] @MagnitIR


	### Note to editors "Magnit" is one of Russia's leading retailers. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of September 30, 2021, Magnit operated 45 distribution centers and 25,315 stores in 3,840 cities and towns throughout 7 federal regions of the Russian Federation. In accordance with the unaudited IFRS 16 management accounts results for 9M 2021, Magnit had revenues of RUB 1,311.5 billion and an EBITDA of RUB 151.4 billion. Magnit's local shares are traded on the Moscow Exchange (MOEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor's of BB.

### Note to editors

"Magnit" is one of Russia's leading retailers. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of September 30, 2021, Magnit operated 45 distribution centers and 25,315 stores in 3,840 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the unaudited IFRS 16 management accounts results for 9M 2021, Magnit had revenues of RUB 1,311.5 billion and an EBITDA of RUB 151.4 billion. Magnit's local shares are traded on the Moscow Exchange (MOEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor's of BB.


	### Forward-looking statements ### This document contains or may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected sales growth rate and/or store openings are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. Any forward-looking statement is based on information available to Magnit as of the date of the statement. All written or oral forward-looking statements attributable to Magnit are qualified by this caution. Magnit does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances.

### Forward-looking statements

### This document contains or may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected sales growth rate and/or store openings are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. Any forward-looking statement is based on information available to Magnit as of the date of the statement. All written or oral forward-looking statements attributable to Magnit are qualified by this caution. Magnit does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances.



ISIN:	US55953Q2021
Category Code:	MSCU
TIDM:	MGNT
LEI Code:	2534009KKPTVL99W2Y12
OAM Categories:	3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.:	131395
EQS News ID:	1260207



End of Announcement	EQS News Service

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S&P Global Ratings UPGRaDED MAGNIT'S CREDIT RATING TO "BB+" LEVEL

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