9 Mar 2022 14:00
MAGNIT PJSC (MGNT) S&P Global Ratings downgraded Magnit's credit rating to 'CCC-' level after similar action on sovereign 09-March-2022 / 17:00 MSK Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
S&P Global Ratings downGRaDED MAGNIT'S CREDIT RATING TO "CCC-" LEVEL after similar action on sovereign
Krasnodar, Russia (March 9, 2022): Magnit PJSC (MOEX and LSE: MGNT; the Company), one of Russia's leading retailers, announces the downgrade of its rating to "CCC-" level by S&P Global Ratings after similar action on sovereign. On March 7, 2022 S&P Global Ratings downgraded the long-term credit rating of PJSC Magnit from "BB+", Stable outlook to "CCC-", Negative outlook, the same level as the foreign currency rating and the transfer and convertibility assessment on Russia, to reflect the heightened sovereign risk for all Russian corporate issuers. The downgrade reflects the view of S&P of the uncertainties for virtually all rated Russian corporates and utilities companies, whether they are government-related entities or privately owned companies, around their technical ability to make timely debt payments (interest and/or principal) to all creditors due to measures imposed by the Russian government, irrespective of their financial capacity to pay.
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| ISIN: | US55953Q2021 |
| Category Code: | MSCU |
| TIDM: | MGNT |
| LEI Code: | 2534009KKPTVL99W2Y12 |
| OAM Categories: | 3.1. Additional regulated information required to be disclosed under the laws of a Member State |
| Sequence No.: | 148042 |
| EQS News ID: | 1298681 |
| End of Announcement | EQS News Service |
UK Regulatory announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.