S&P downgrades Russia’s Magnit to BB from BB+, outlook Stable

MOSCOW, Dec 15 (PRIME) -- International rating agency S&P Global Ratings has downgraded the long-term issuer default ratings in local and foreign currencies of Russian retailer Magnit to BB from BB+ with a Stable outlook, the agency said in a statement on Friday.

Despite the continuous growth of sales and sales area, the margin of Magnit significantly weakened due to unfavorable economic conditions, contraction of like-for-like sales, and a growth of costs, the agency said.

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