Fitch upgrades PJSC LSR, view to stable

Fitch Ratings said it upgraded PJSC LSR Group’s rating to B+ from B. Fitch also upgraded the senior unsecured rating of the outstanding bond issues to B+/RR4 from B/RR4.

“The upgrade of one of Russia’s largest developers by construction volume is driven by an improvement in working capital volatility and as a result free cash flow (FCF) generation, and a Fitch-expected moderate level of FFO-adjusted gross leverage of around 3.0x on average in the medium term,” the agency said in a press release.

Fitch revised the outlook to stable from positive.

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