DJ S&P Global Ratings downgraded Magnit's credit rating to 'CCC-' level after similar action on sovereign
MAGNIT PJSC (MGNT) S&P Global Ratings downgraded Magnit's credit rating to 'CCC-' level after similar action on sovereign 09-March-2022 / 17:00 MSK Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
----------------------------------------------------------------------------------------------------------------------- S&P Global Ratings downGRaDED MAGNIT'S CREDIT RATING TO "CCC-" LEVEL after similar action on sovereign
Krasnodar, Russia (March 9, 2022): Magnit PJSC (MOEX and LSE: MGNT; the Company), one of Russia's leading retailers, announces the downgrade of its rating to "CCC-" level by S&P Global Ratings after similar action on sovereign.
On March 7, 2022 S&P Global Ratings downgraded the long-term credit rating of PJSC Magnit from "BB+", Stable outlook to "CCC-", Negative outlook, the same level as the foreign currency rating and the transfer and convertibility assessment on Russia, to reflect the heightened sovereign risk for all Russian corporate issuers.
The downgrade reflects the view of S&P of the uncertainties for virtually all rated Russian corporates and utilities companies, whether they are government-related entities or privately owned companies, around their technical ability to make timely debt payments (interest and/or principal) to all creditors due to measures imposed by the Russian government, irrespective of their financial capacity to pay.
For further information, please contact:
Dina Chistyak
Director for Investor Relations
dina_chistyak@magnit.ru
Office: +7 (861) 210 9810 x 15101
Media Inquiries Twitter
press@magnit.ru @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 December 31, 2021, Magnit operated 45 distribution centers and
26,077 stores in 3,898 cities and towns throughout 7 federal regions of the Russian Federation.
In accordance with the audited IFRS 16 results for FY 2021, Magnit had revenues of RUB 1,856.1 billion
and an EBITDA of RUB 214.2 billion. Magnit's local shares are traded on the Moscow Exchange (MOEX: MGNT)
and its GDRs on the London Stock Exchange (LSE: MGNT).
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.
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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.: 148042 EQS News ID: 1298681 End of Announcement EQS News Service =------------------------------------------------------------------------------------
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1298681&application_name=news
(END) Dow Jones Newswires
March 09, 2022 09:00 ET (14:00 GMT)
