MAXIMA GRUPE, UAB
Notification on material event
Maxima Grupė retains BB+ Standard & Poor’s credit rating for second year
The international credit rating agency Standard & Poor’s reviewed Maxima Grupė’s operations and financial performance and affirmed that for a second year the owner of retail companies in the Baltic States, Poland and Bulgaria retains its solid BB+ credit rating with a stable outlook. Maxima Grupė remains one of the few retailers in the Eastern and Central European region to have obtained and made public an international credit rating.
According to Standard & Poor's, one of the reasons for affirming the solid BB+ credit rating is the leading Maxima Grupė’s position in the market, achieved through competitive price positioning, good store-format diversity, and prudent financial policy.
“We are delighted with Standard & Poor’s assessment, which proves Maxima Grupė’s strong position in the Baltic States and successful integration of the acquired Polish chain Stokrotka. Retaining solid BB+ credit rating for a second year confirms the reliability of the company and its sustainable financial position,” notes Vitalij Rakovski, the CFO of Maxima Grupė.
The BB+ credit rating was assigned to Maxima Grupė on 17 July 2018. The assessment opened up new opportunities for the company in the international capital markets – in 2018 it successfully placed a 300-million-euro issue of 5-year bonds. The demand for the company’s bonds exceeded the supply, which made the bonds being acquired by more than 60 investors from 14 countries.
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