ACRA affirms AA (RU) credit rating of Magnit and its bonds with stable outlook

ACRA affirms AA (RU) credit rating of Magnit and its bonds with stable outlook

ACRA affirms AA (RU) credit rating of Magnit and its bonds with stable outlook

The Analytical Credit Rating Agency (ACRA) has affirmed the credit rating of PJSC “Magnit” (MOEX: MGNT) of its bonds at “AA (RU)” with a “stable” outlook, the agency said in a press release.

“The credit rating of PJSC” Magnit “is due to a very strong operating profile, very large size of the company, high profitability and very strong liquidity. in the press release.

Currently, there are 8 issues of the company's exchange-traded bonds in circulation, totaling RUB 90 billion.

Magnit is the second largest retailer in Russia in terms of revenue and the first in terms of the number of stores. At the end of December 2019, the company managed 20,725 thousand stores, including 14,622 thousand convenience stores. Revenue of Magnit (MCX: MGNT) in 2019 increased by 10.6%, to 1 trillion 368.705 billion rubles. Net profit (according to IFRS) decreased by 49% to RUB 17.108 billion.

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