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S&P upgrades X5's rating to BB+/Stable

June 11, 2020. TAG: Retail Trade

X5 Retail Group N.V. ("X5" or the "Company"), a leading Russian food retailer that operates the Pyaterochka, Perekrestok and Karusel chains (LSE and MOEX ticker: "FIVE"), announces that S&P Global Ratings ("S&P") has upgraded the Company's credit rating to BB+ from BB. The outlook is "Stable".

S&P stated that the upgrade reflects X5's strong operating performance, reduced capital expenditure and lower interest rates.

X5 Chief Financial Officer Svetlana Demyashkevich said: "The S&P credit rating upgrade affirms X5's high credit quality and strong busin​ess profile, especially given the current environment. We are particularly pleased to note that this is the only credit rating upgrade in Russia since the start of the COVID-19 pandemic. This is a great achievement for our team and for X5 as a whole."​

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.