QIWI Receives a “BB-” Credit Rating from S&P Global
June 20 2018 - 8:00AM
QIWI plc (NASDAQ:QIWI) (MOEX:QIWI) (“QIWI” or the “Company”), today
announced that the S&P Global rating agency has assigned QIWI
plc a “BB-/ B” long- and short-term credit ratings with a stable
outlook.
Alexander Karavaev, QIWI Chief Financial Officer,
said, “This is the first time QIWI plc received a credit rating and
we would like to take this opportunity to acknowledge the
dedication and insightfulness of the S&P Global team, who did
great job analyzing our unique business model and product offering.
Although we don’t have any immediate plans to raise debt on the
market or otherwise as our payment services business generates
substantial operating cash flows, we believe that a credit rating
from one of the most well-known credit agencies is a useful tool
that can facilitate the development and scaling of our
financial services portfolio as well as support our relationships
with our partners. We are satisfied with the results and trust that
the assigned rating fairly reflects our financial position. We see
many opportunities ahead and will continue to grow our business by
focusing on building a wider digital infrastructure, expanding our
product offering and penetrating our focus markets as well as new
interesting niches.”
QIWI plc is rated as a holding company that
incorporates its major subsidiaries including QIWI Bank JSC, QIWI
JSC, and QIWI Payments Services Provider Ltd.
S&P Global analysis is focused on business,
financial and risk profile of QIWI Group. S&P Global underlines
that QIWI has minimal financial risk profile, stable market
position and diversified product offering as well as relatively
strong profitability. The stable and recurring nature of the
cash-flow generation inherent to the QIWI business model as well as
the company’s ability to maintain substantial revenue growth rates,
benefiting from increasing demand for noncash payments in Russia
and entrance into new segments and niches, such as the sharing
economy, betting, and self-employed also supports the credit rating
and the stable outlook. The agency states that the Group has
minimal financial risk and resilient financial risk profile.
S&P Global rating press release is available at
www.standardandpoors.com
About QIWI
plc.
QIWI is a leading provider of next generation
payment and financial services in Russia and the CIS. It has an
integrated proprietary network that enables payment services across
online, mobile and physical channels. It has deployed over 20.3
million virtual wallets, over 149,000 kiosks and terminals, and
enabled merchants and customers to accept and transfer over RUB 79
billion cash and electronic payments monthly connecting over 47
million consumers using its network at least once a month. QIWI’s
consumers can use cash, stored value and other electronic payment
methods in order to pay for goods and services or transfer money
across virtual or physical environments interchangeably.
Contact
Varvara Kiseleva
Investor Relations
+357.25028091
ir@qiwi.com
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