S&P downgrades Eurotorg’s credit rating

Eurotorg LLC (“Eurotorg” or the “Company”), the largest grocery retailer in Belarus, announces that on 10 March 2022 international credit rating agency S&P Global Ratings (S&P) has lowered the Company’s rating to ‘ССС‘ from ‘B’ with Negative Outlook as a result of the Belarus’s sovereign rating downgrade to ‘CCC’ amid the new imposed sanctions.

The agency stated that rating action reflected the risk of the strengthening sanctions against Belarus, which could directly affect Eurotorg’s technical capabilities to make timely debt payments to its creditors, irrespective of its financial capacity to pay.

The full S&P announcement can be found here.