Lenta Ltd Fitch upgrades Lenta's rating to "BB" (8544D)
July 11 2016 - 11:02AM
UK Regulatory
TIDMLNTR TIDMLNTA
RNS Number : 8544D
Lenta Ltd
11 July 2016
Fitch Ratings upgrades Lenta rating
St. Petersburg, Russia; 11 July 2016 - Lenta, (LSE, MOEX: LNTA),
one of the largest retail chains in Russia, today announced that
the Fitch Ratings has upgraded its Long-term foreign and local
currency Issuer Default Ratings (IDRs) from 'BB-' to 'BB' and its
National Long-term rating from 'AA-(rus)' to 'A+(rus)'. The outlook
on the ratings is stable.
The upgrade of Lenta ratings to 'BB' reflects the Company's
proven execution of its sales growth strategy while maintaining
strong profitability.
Fitch's expectation that Lenta will be able to further
strengthen its market position and increase the scale of its
business over the medium term, while keeping conservative
credit metrics consistent with higher ratings.
About Lenta
Lenta is the largest hypermarket chain in Russia (in terms of
selling space) and the country's fifth largest retail chain (in
terms of 2015 sales). The Company was founded in 1993 in St.
Petersburg. Lenta operates 147 hypermarkets in 72 cities across
Russia and 42 supermarkets in Moscow and St. Petersburg, with a
total of approximately 922,865 sq.m of selling space. The average
Lenta hypermarket store has selling space of approximately 6,000
sq.m. The average Lenta supermarket store has selling space of
approximately 1,000 sq.m. The Company operates six owned
hypermarket distribution centres.
The Company's price-led hypermarket formats are differentiated
in terms of their promotion and pricing strategies as well as their
local product assortment. The Company employed approximately 38,414
people as of 31 December 2015(1) .
The Company's management team combines a mix of local knowledge
and international expertise coupled with extensive operational
experience in Russia. Lenta's largest shareholders include TPG
Capital and the European Bank for Reconstruction and Development,
both of which are committed to maintaining high standards of
corporate governance. Lenta is listed on the London Stock Exchange
and on the Moscow Exchange and trades under the ticker: 'LNTA'.
For further information please visit www.lentainvestor.com, or
contact:
Lenta Citigate
Anna Meleshina International Media:
Public Relations & David Westover and Marina
Government Affairs Zakharova
Director el: +44 207 282 2886
Tel: +7 812 363 28 E-mail: lentateam@citigatedr.co.uk
53
E-mail: anna.meleshina@lenta.com FTI Consulting
Russian Media:
Anastasia Kuznetsova Anton Karpov & Victoria
Corporate Communications Afonina
Manager el:+7 495 795 06 23
el:+7 (812) 336 39 E-mail: lenta@FTIconsulting.com
97
E-mail: a.kuznetsova@lenta.com
([1]) FTE (full-time equivalent). Average FTE for 2015 was 31,307 employees.
This information is provided by RNS
The company news service from the London Stock Exchange
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July 11, 2016 11:02 ET (15:02 GMT)
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