S&P ups First Collection Bureau

S&P said it raised First Collection Bureau’s issuer rating to B from B-.

“FCB's increasingly diversified funding mix, led by material bond placements and growth in its banking relationships, has solidified its capital structure and supports growth prospects. The company has improved its funding base diversification following the placement of RUB 1 billion of bonds in 2020 (about $13 million), and materially expanding its banking credit lines--with bank lines now totaling RUB 1.5 billion (undrawn at June 30),” S&P said in a press release.

The agency said FCB's profitability increased due to good cost control and resilient revenue, and it expect the firm’s EBITDA margin to comfortably exceed 35% this year and next.

The outlook is stable.

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