Amsterdam, 11June 2020 – 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 affirmsX5’s high credit quality and strong business 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."