Maxima Grupė, owning the leading retail chains Maxima and Barbora (an e-commerce business) in the Baltic States, as well as the retail chains Stokrotka in Poland and T-market in Bulgaria is pleased to announce that Standard & Poor's has confirmed its BB+ credit rating with a stable outlook. This affirmation reflects Maxima Grupė's strong financial position, robust business model, and its ability to navigate challenging market conditions.
According to Standard & Poor's, among the reasons for affirming the solid BB+ credit rating is the successful ongoing expansion of the Stokrotka retail chain in Poland, also strong market share in Baltics thanks to a competitive price position and high brand awareness.
“S&P's decision to uphold Maxima Grupė's BB+ rating underscores the company's resilient performance and prudent financial management, even in the face of the global economic uncertainty that has unfolded in recent times. We are delighted that Standard & Poor’s has recognized our efforts to ensure good store format diversity and a high share of private-label sales. Additionally, Standard & Poor’s has noted Maxima Grupė’s prudent financial policy, robust cashflow generation, and consistent leverage below 3x," notes Lauryna Šaltinė, the CFO of Maxima Grupė.
Maxima Grupė has maintained its BB+ credit rating since 2018. This solid credit rating has opened up new opportunities for the company in the international capital markets. In 2018, it successfully issued a 300-million-euro bond that matures in 2023. During the turbulent year of 2022 Maxima Grupė was among the first companies in the Eastern and Central European region to issue 240-million-euro bonds with a 5-year maturity.
Full Standard & Poor's report for 2022.
