S&P improves outlook on PIK Group ratings to Positive

MOSCOW, Nov 28 (PRIME) -- International rating agency S&P Global Ratings has improved the outlook on the ratings of Russian real estate developer PIK Group to Positive from Stable, affirming the company’s credit rating at B+, the agency said in a statement on Thursday.

The agency expects PIK to demonstrate revenue growth and high earnings before interest, taxes, depreciation, and amortization (EBITDA) in 2020–2021 thanks to the leading market position and to improvements in the diversification of income.

The adjusted net leverage of the company should stay below 3.0–3.5x. The agency may upgrade PIK’s rating by one notch in case it keeps its leading position and a stable income, S&P said.

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