S&P Global Ratings Reaffirms MAXIMA GRUPĖ, UAB BB+ Credit Rating with stable outlook
26 July 2024 - 4:04PM
UK Regulatory
S&P Global Ratings Reaffirms MAXIMA GRUPĖ, UAB BB+ Credit
Rating with stable outlook
On July 25, 2024, following the review
of group's operations and financial results, the international
credit rating agency, has reaffirmed MAXIMA GRUPĖ‘s long-term
issuer credit rating at BB+ with a stable outlook.
S&P Global Ratings report highlights the
group's revenue growth, successful expansion in Poland and
Bulgaria, efficiently managed costs and stable cash flow
generation.
“We are pleased that S&P Global Ratings has
recognized our strong performance in 2023, which exceeded the
forecast, as well as the financial stability of the group and a
decrease in S&P Global Ratings-adjusted leverage from 2.8x to
2.2x,” said Lauryna Šaltinė, Chief Financial Officer of MAXIMA
GRUPĖ.
S&P Global Ratings has also affirmed the BB+
rating on MAXIMA GRUPĖ’s senior unsecured notes. However, the
agency noted that to maintain this rating, the Group should reduce
the share of secured debt in its capital structure.
MAXIMA GRUPĖ was first assigned a BB+ credit
rating in 2018. In the same year, MAXIMA GRUPĖ successfully issued
a EUR 300 million bond, which was redeemed in 2023. Two years ago,
MAXIMA GRUPĖ placed its second EUR 240 million bond issue for a
5-year term.
Additional Information
MAXIMA GRUPĖ, UAB manages retail chains
"Maxima" (in the Baltic countries), "Stokrotka" (in Poland), "T
Market" (in Bulgaria), and the online food store "Barbora,"
operating in the Baltic countries.
MAXIMA GRUPĖ, UAB is part of the "Vilniaus
prekyba" group of companies. Through its other subsidiary
companies, "Vilniaus prekyba" controls investments in retail and
pharmacy chains, as well as real estate development and rental
service companies in the Baltic countries, Sweden, Poland, and
Bulgaria.
Contact Person:
Lauryna Šaltinė
MAXIMA GRUPĖ’S Chief Financial Officer
lauryna.saltine@maximagrupe.eu
Maxima Grupe (TG:A2RRK1)
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