Standard & Poor’s has assigned Maxima Grupė BB+ credit rating with a stable perspective. Maxima Grupė has become the first private company in the Baltics and one of the few retailers in the Eastern and Central European region, which received and publicly announced an international credit rating. According to the company, this rating is the highest among European retail companies of similar size (with an annual revenue amounting to EUR 4 billion).
Based on Standard & Poor's rationale, Maxima Grupė‘s rating BB+ was determined by a strong leadership position in the Baltics, growing market share in Poland, sustainable business model and financial stability of the company. Maxima Grupė's credibility and financial stability are on the same level as the major European retailers (e.g., Tesco in the United Kingdom or Casino Group in France).
"Despite the fact that our business is concentrated on a relatively small Baltic market, the company has been granted a solid rating. For us it opens up new opportunities in international capital markets. Also, this is a proof that Maxima Grupė has already reached the level of business maturity, which allows us to use the same financial instruments as large European retailers,” said Dalius Misiūnas, the Chairman of the Board and CEO of Maxima Grupė.
Maxima Grupė has applied for a credit rating after it started evaluating possibilities for bond issuance. After receiving the rating, company has successfully completed the first important stage of bond issuance process. According to D. Misiūnas, Maxima Grupė is currently considering all possible alternatives for financing its business development.
“Credit rating is only one of many factors in our considerations. Simultaneously it is important to take into account other criteria, such as the situation in capital markets. Of course, after the positive evaluation, bond issuance remains an attractive option for further business development in foreign markets," he said.
