S&P revises outlook on ratings of Pioneer Group to Positive

MOSCOW, Feb 12 (PRIME) -- International rating agency Standard & Poor's Global Ratings (S&P) has improved the outlook on the rating of Russian real estate developer Pioneer Group to Positive from Stable and affirmed the company’s long-term credit rating at B-, the company said in a statement on Monday.

The company attributed the change to an increase of its developer portfolio after Pioneer bought several land sites and launched new projects. The company secured financing for improvement of its business, reduced the cost of debt, and boosted liquidity, Pioneer said.

The company’s developer portfolio includes 2 million square meters of property in Moscow and St. Petersburg, the company said.

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