Ratings agency Fitch Ratings downgrades Eurotorg’s credit rating
Eurotorg LLC (“Eurotorg” or the “Company”), the largest grocery retailer in Belarus, announces that on 11 March 2022 international ratings agency Fitch Ratings (Fitch) has downgraded the Company’s Long-Term Issuer Default Rating to ‘B–’ from ‘B’ with Negative Outlook. The rating action follows the downgrade of Belarus's sovereign rating to 'CCC' on the back of new sanctions imposed.
The agency cited that relative resilience of the food retail sector to economic crises could mean some insulation to external shocks, while Eurotorg has a conservative capital structure and a strong position in Belarus's food retail market.
The full Fitch announcement can be found here.