Fitch Ratings affirms Eurotorg’s credit rating

Eurotorg LLC (“Eurotorg” or the “Company”), the largest grocery retailer in Belarus, announces that on 05 March 2024 international rating agency Fitch Ratings (“Fitch” or the “Agency”) has affirmed the Company’s Long-Term Issuer Default Rating of ‘B–’ and changed outlook from Negative to Stable.

The Agency noted that the change in outlook to Stable reflected the diminished Eurotorg's default risk because of the Company's foreign currency debt reduction, the Eurotorg Holding PLC redomiciliation from the European Union to the United Arab Emirates, and the operational sustainability of the business in 2023 as well.

The full Fitch announcement can be found here.