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02.11.2018

S&P, Fitch see positive impact from London IPO on Eurotorg’s credit ratings

International credit ratings agencies S&P Global Ratings and Fitch Ratings have taken positive actions on Eurotorg’s credit ratings following the Company’s announcement of its intention to conduct an initial public offering (IPO) on the London Stock Exchange.

Fitch upgraded Eurotorg’s Long-Term Foreign Currency (FC) Issuer Default Rating (IDR) to ‘B’ from ‘B-‘. The Outlook is Stable.

The agency said: “The rating is underpinned by Eurotorg's unrivalled market position in Belarus's food retail market and good growth opportunities, stemming from high market fragmentation and its low penetration by modern food retail in the country.”

S&P Global Ratings placed its ‘B-‘ long-term issuer credit rating on CreditWatch Positive, indicating that the agency expects to raise the rating by one notch upon completion of the IPO and Eurotorg’s planned debt reduction.

S&P said its decision was “supported by Eurotorg’s improved like-for-like sales development on the back of Belarus’ economic recovery, which is improving the population's purchasing power and boosting consumption. […] This is driven by a more stable macroeconomic environment in Belarus than two to three years ago and also by consistent execution of Eurotorg’s strategy to extend its leading position in Belarus’ food retailing market.”

Fitch’s announcement can be found here:
https://www.fitchratings.com/site/pr/10050313

The S&P announcement can be found here:
https://www.standardandpoors.com/en_US/web/guest/article/-/view/type/HTML/id/2114243

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