S&P moves Maxima view to stable

S&P said it changed Maxima Grupe UAB’s outlook to stable from negative and affirmed the BB+ ratings on the company and its senior unsecured debt.

“Maxima's operating performance in 2020 and 2021 exceeded our expectations, and we now forecast stronger credit metrics,” S&P said in a press release.

Maxima achieved lower adjusted leverage of 2.8x in 2020, compared with the 2.9x-3.1x previously forecasted by S&P.

“Maxima's trading performance was mainly supported by its store expansion, with 101 new stores in 2020, and stronger food demand in its developed e-commerce channel Barbora, which represented about 3.4% of revenue in the Baltics,” the agency said.

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