Fitch gives InPost BB

Fitch Ratings said it assigned InPost SA first-time long-term foreign- and local-currency issuer default ratings and its upcoming €390 million senior unsecured instrument BB ratings and a national long-term rating of BBB(pol).

“The BB rating reflects InPost's strong domestic position in Poland, industry leading margin and high growth potential on the back of an underpenetrated and fast-growing ecommerce market and the company's disruptive technology, which drives operational efficiency ahead of other means of parcel deliveries. It also reflects the company's small scale, weak but improving diversification and weak record outside its home market,” Fitch said in a press release.

The outlook is stable, mirroring InPost’s highly cash generative business model, which will help deleveraging to within the agency’s rating sensitivities by 2022, Fitch said.

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