Moody's lifts Delance to positive, rates ROLF B1

Moody's Investors Service said it changed the outlook to positive from stable on the B1 corporate family rating and B1-PD probability of default rating of Delance Ltd. ROLF, which owns Russia's largest foreign-branded cars retailer LLC ROLF.

Moody's has affirmed these ratings.

The agency also said it assigned a B1 corporate family rating and a B1-PD probability of default rating to ROLF.

The outlook is positive.

The agency said it will subsequently withdraw the ratings and positive outlook of Delance.

The assignment of ratings follow the company's corporate reorganization, under which the company has formed a Russia-domiciled subholding, ROLF, which now consolidates all the group's assets and will be the reporting entity for the consolidated group going forward, Moody's said.

The outlook change reflects expectations that ROLF will sustain its strong operational and financial performance through industry cycles and pursue a balanced financial policy, the agency said,

The company's leading market position and track record of outperforming the market over the past five years suggest it will see sustainable growth in earnings over the next 12- to 18-months, Moody's said.

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