22 October 2021
The international credit rating agency Standard & Poor’s reviewed Maxima Grupė’s operations and financial performance and affirmed the BB+ credit rating with outlook revised to stable from negative due to stronger operating results.
Based on Standard & Poor's rationale, Maxima Grupė‘s operating performance in 2020 and the first half of year 2021 exceeded expectations. Now credit agency forecast stronger credit metrics of the company, supported by store expansion with 101 new stores in 2020, stronger food demand in its developed e-commerce channel Barbora and prudent financial policy.
“We are delighted with Standard & Poor’s assessment. It reflects Maxima Grupė’s solid execution of the expansion in Polish and Bulgarian markets, growth in e-commerce segment and strong position in the Baltic States. Revised to stable perspective confirms the sustainable business model of the company and its sound financial position,” notes Karolina Zygmantaitė, the CFO of Maxima Grupė.
The first BB+ credit rating was assigned to Maxima Grupė on 17 July 2018. The obtained credit rating ensured new opportunities for the company in the international capital markets – in 2018 it successfully placed a 300-million-euro issue of 5-year bonds.
Maxima Grupė owns the retail chains Maxima (in the Baltic countries), Stokrotka (in Poland), and T-Market (in Bulgaria), as well as e-grocer Barbora operating in the Baltics and Poland.
The company is part of the Vilniaus Prekyba group, which controls and manages the group of subsidiary companies operating chains of retail stores and pharmacies as well as real estate development and property management companies in the Baltic States, Sweden, Poland and Bulgaria.
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