EXPERT RA UPGRADED THE CREDIT RATING OF THE RETAIL BEL FINANCE’S BONDS TO RUA-

Eurotorg LLC (“Eurotorg” or the “Company”), the largest grocery retailer in Belarus, announces that on 15 February 2023 leading Russian ratings agency Expert RA (“RAEX”) has raised its credit ratings on bonds issued by Retail Bel Finance LLC from ‘ruBBB’ to ‘ruA-’ and has affirmed the Company’s credit rating at ‘byAAA’ with a stable outlook. The rating action follows the Belarus’s country risk adjustment.

The Agency expects the Company’s operating cash flow in the current year to be sufficient to fund its capex programme and cover the interests for debt repayments, while in the medium term the “Adjusted Debt / EBITDA” ratio will not exceed 2.0x.

The Agency’s announcement regarding the credit rating of the Retail Bel Finance’s bonds can be found here.

The full RAEX announcement on Company’s credit rating can be found here.