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Magnit
Regulatory Filings • Apr 13, 2015
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Regulatory Filings
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PJSC MAGNIT - Upgrade of the Rating by S&P
PR Newswire
London, April 13
Press-releaseKrasnodarApril 13, 2015PJSC "Magnit" Announces the Upgrade of its Rating to "BB+" by S&P on ImprovedCash Flow GenerationKrasnodar, April 13, 2015: PJSC "Magnit", Russia's largest retailer (the"Company"; MOEX and LSE: MGNT) announces the upgrade of its rating to "BB+" byStandard & Poor's Rating Services on improved cash flow generation.Please be informed that Standard & Poor's Rating Services upgraded Magnit to"BB+" with negative outlook on improved credit metrics and cash flowgeneration, as well as robust earnings growth. The upgrade reflects S&P'sexpectation that Magnit will maintain its sound operating performance, despitetough economic conditions in Russia.The negative outlook on Magnit reflects the negative outlook on the RussianFederation. S&P might consider revising outlook to stable if they take asimilar action on Russia.Please note that amongst the largest global food retailers in terms ofcapitalization, PJSC "Magnit" is the only company, which has been assigned thesame credit rating as the sovereign rating.For further information, please contact:Timothy Post Director, Investor Relations Email: [email protected] Office: +7-861-277-4554 x 17600 Mobile: +7-961-511-7678 Direct Line: +7-861-277-4562Dina Svishcheva Deputy Director, Investor Relations Email: [email protected] Office: +7-861-277-45-54 x 15101 Mobile: +7-961-511-0202 Direct Line: +7-861-277-4562Company description:Magnit is Russia's largest food retailer. Founded in 1994, the company isheadquartered in the southern Russian city of Krasnodar. As of March 31, 2015,Magnit operated 28 distribution centers and over 10,000 stores (8,581convenience, 300 hypermarkets, and 1,239 drogerie stores) in approximately2,180 cities and towns throughout 7 federal regions of the Russian Federation.In accordance with the audited IFRS consolidated financial statements for 2014,Magnit had revenues of RUB 764 billion and an EBITDA of RUB 86 billion.Magnit's local shares are traded on the Moscow Stock Exchange (MOEX: MGNT) andits GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit ratingfrom Standard & Poor's of BB+. Measured by market capitalization, Magnit is oneof the largest retailers in Europe.
