S&P assigns preliminary “B-” ratings to Eurotorg and its proposed notes
Minsk, 6 October 2017 – Eurotorg today announces that S&P Ratings has assigned a “B-/B” credit rating to Eurotorg LLC and a preliminary “B-“ rating to the company’s proposed loan participation notes (LPNs) due in 2022. The outlook on the ratings is “Stable”.
Eurotorg has become the first corporate issuer in Belarus to be assigned a credit rating by S&P. At the moment, the rating is on par with Belarus’ sovereign rating.
According to S&P, “Eurotorg's credit strength is supported by the company's leading position in Belarus' fragmented food retail market, where its share exceeds that of the nearest five competitors combined, as well as by its broad footprint across the country and cash-generative nature of its business”.
For further details, please contact:
Eurotorg is the largest grocery retail chain in Belarus, with a market share of 19% (2016). The Company’s business was established in 1993 in Minsk. Today Eurotorg operates 460 stores under the Euroopt and Brusnichka banners in several formats (hypermarkets, supermarkets and convenience stores).
The Company’s strategy, based on offering a focused assortment of high turnover products at market-leading prices, delivers a value proposition that is well-tuned to the needs of Belarusian consumers. Every day about 900,000 customers make purchases at Eurotorg stores across 123 cities and towns in Belarus.
In 2016, the Company reported revenue of BYN 3.64 billion (USD 1.83 billion based on the average National Bank of Belarus exchange rate for 2016).
A brief video about Eurotorg’s business can be viewed here.