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Friday, 19.04.2024, 07:57
S&P affirms Baltic retailer Maxima Grupe's credit rating at BB+
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"Retaining the solid BB+ credit rating for a second year confirms the reliability of the company and its sustainable financial position," Maxima Grupe CEO Vitalij Rakovski said.
The global rating agency cited Maxima Grupe's leading market position as a reason for affirming the rating.
It assigned Maxima Grupe the credit rating in July 2018. The group later in the year successfully placed its five-year, 300-mln-euro bond offering in international markets. The bond issue was oversubscribed and sold to over 60 investors in 14 countries.
Maxima Grupe owns retail chains operating under the names of Maxima in the Baltic countries, Stokrotka in Poland and T-Market in Bulgaria, and the Baltic online food shop Barbora.
The group has posted 39.335 mln euros in consolidated net profits for the first half of 2019, down 24.5% y-o-y. Its first-half revenue rose by 23.9% to 1.926 bn euros.
Maxima Grupe is wholly owned by Vilniaus Prekyba Group, which is controlled by Nerijus Numavicius.
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