S&P gives BB+ to Maxima Grupe

S&P said it assigned its BB+ preliminary long-term issuer credit rating to Maxima Grupe. The outlook is stable.

Maxima is a leading Lithuanian retail chain with a focus on food retail (over 75% of revenues) operating in the Baltics since 1998.

“The rating reflects our assessment of Maxima's leading position in the Baltics region, a market we deem less competitive than other European retail markets because of its relatively limited size and demographics,” S&P said in a news release.

The rating also incorporates S&P’s view that the group's debt to EBTIDA, in particular on a reported basis, is somewhat lower than that of some other retail peers of comparable size, and further supported by a clear financial policy aimed at gradual deleveraging from the 2018 high point.

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