S&P lifts PIK view to stable

Standard & Poor’s said it revised the outlook on JSC PIK Group to stable from negative.

The agency also said it affirmed the company’s B long-term corporate credit rating.

S&P also said it raised the Russia national scale rating on PIK to ruA- from ruBBB+.

The outlook revision reflects a view that PIK has reduced its debt significantly and is now in a net cash position, the agency said.

The company’s liquidity position also supported by its limited debt maturities in the next 24 months and an expectation of positive operating cash flow before development rights, land acquisitions and dividends, S&P said.

PIK’s activity is geographically concentrated in the greater Moscow area, exposing the company to risks of local regulation changes and supply and demand balance, the agency said.

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