S&P revises PIK Group view to stable

S&P said it revised the outlook for PIK Group to stable from positive and affirmed its B+ issuer rating.

“The outlook revision reflects our expectation that PIK Group JSC (PIK)'s growth rate will fall in 2020-2021 due to measures taken to contain the outbreak of Covid19 in Russia,” said S&P in a press release.

“For example, we factor a construction freeze starting from mid-April in both Moscow and the Moscow region, where a significant share of PIK's projects are located. We also expect PIK's sales in second-quarter 2020 will suffer due to the government-imposed vacation for all Russian citizens in April 2020 to facilitate social distancing measures, which makes physical viewing of new housing and in-person office visits impossible,” the agency said.

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