S&P upgrades Magnit

Standard & Poor's said it raised its long-term corporate credit rating on OJSC Magnit to BB from BB-.

The outlook is stable.

"The upgrade reflects our opinion that continuing robust earnings growth driven by selling space expansion will help Magnit maintain its modest debt-to-EBITDA ratio. We now expect the company's leverage to remain below 2x for the next two years," S&P said in a news release.

Consequently, S&P said it has revised its assessment of Magnit's financial risk profile to "significant" from "aggressive."

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