S&P lifts Magnit to positive

Standard & Poor's said it revised the outlook on OJSC Magnit to positive from stable and affirmed the company's BB long-term corporate credit rating.

The actions reflect an expectation that Magnit will maintain its sound operating performance despite a tough economic environment, S&P said.

Magnit's adjusted debt-to-EBITDA ratio improved to 1x in 2013 compared with 1.2x in 2012, primarily on significant EBITDA growth, the agency said.

Magnit is continuing its ongoing expansion. It increased net selling space by nearly 20% in 2013, S&P said, and it will continue its growth expansion for the next two years.

The ratings reflect the group's fair business risk profile and intermediate financial risk profile, the agency said.

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