S&P upgrades outlook on X5 BB rating to positveX5 Retail Group ("X5" or the "Company"), a leading Russian food retailer (LSE and MOEX ticker: "FIVE"), announces that S&P Global Ratings ("S&P") has changed the outlook on the Company's BB rating to "Positive" from "Stable".
The credit rating agency stated that the main factors supporting the positive outlook on X5's BB rating are Company's leadership in the Russian food retail market, its advanced
e-commerce infrastructure, and sound profitability that will allow the company to strengthen its cash flow generation in 2020-2021.
X5 Chief Financial Officer Svetlana Demyashkevich said:
"I am pleased that S&P have acknowledged the continued positive development of X5's creditworthiness by upgrading the outlook on our corporate rating to 'Positive'. Over the course of the last year we have succeeded at further strengthening our business model and developing X5's innovation capabilities, while also maintaining leverage ratios and borrowing costs at comfortable levels."
X5 Retail Group
X5 Retail Group is the leading multi-format food retailer in Russia. X5 shares are listed on the London Stock Echange (LSE) and Moscow Exchange in the form of Global Depositary Receipts under the ticker "FIVE". The Company operates several retail formats, including the chain of conveniently located proximity stores under the Pyaterochka brand, the supermarket chain under the Perekrestok brand, the hypermarket chain under the Karusel brand.