Moscow, June 20, 2013 - PIK Group ("PIK" or the “Group”), a leading Russian residential developer, announces that National Rating Agency (NRA) has increased the individual local credit rating of PIK Group up to «A+» (PIK has been assigned a local rating of «A» in 2012).
The change of the credit rating of the PIK Group (http://www.ra-national.ru/press-center/press-releases/2613/) is driven by positive operational and financial performance for 2012 and 1Q2013, growth of equity through the capital increase in June 2013, as well as successfully implemented strategy of deleveraging.
In addition, the factors positively affecting the credit rating include strong market position, market share gain, integration of production assets, high standards of corporate governance and transparency.
Artem Eyramdzhants, the First Vice President of PIK Group commented: “We are proud that the credit rating has been increased, following a year in which excellent progress was made reducing PIK’s debt and strengthening its financial position. The recent success of our capital raising also shows there is a good level of interest in the Company from both Russian and international equity investors, which we will seek to maintain.”