S&P upgrades outlook on Eurotorg’s credit ratings to Positive
International credit ratings agency S&P Global Ratings has raised the outlook on Eurotorg’s long- and short-term credit ratings to Positive, citing expected further improvements to the Company’s credit metrics on the back of its strong operating results in 2018.
“The outlook revision is 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,” S&P analysts said.
“We see as credit positive Eurotorg’s strong performance over the past 12 months, with higher absolute EBITDA and cash generation than we expected when we first assigned the rating one year ago.”
Recently the Fitch ratings agency upgraded Eurotorg’s Long-Term Foreign Currency (FC) Issuer Default Rating (IDR) to ‘B’ from ‘B-’, with a Stable outlook.
Fitch 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.”
The full S&P release can be read here:
(free registration required)