Moscow, November 29, 2019 — Standard and Poor’s has upgraded PIK’s credit rating outlook to positive and affirmed B + credit rating.
According to the agency, diversification of revenue sources, leading market position as well as increased EBITDA margins will mitigate the consequences of switching to a new project financing scheme in accordance with the requirements of Russian legislation.
A positive outlook indicates a possible rating upgrade by one notch if PIK maintains its leading position on the market backed by stable levels of sales, completions and revenue from the development business.
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