Moscow, April 1, 2019 — Standard and Poor’s has upgraded PIK credit rating to B + with a stable outlook. The rating upgrade reflects the company's stable financial position, operating performance, a leading position in the market and sufficient liquidity.
The agency states that the improvement of PIK indicators compensates for the potential increase of the debt burden, which will arise amid changes in legislation and the transition to project financing from mid-2019.
Experts also note that the leading position of PIK in the industry, along with the existing attractive land bank, as well as a strong presence and focus on the Moscow region market will support the rating in the future.
Yury Ilin, Vice-President for Capital Markets and Corporate Finance, PIK: «Our PIK rating upgrade was expected and natural, as it fully reflects the high financial stability and credit quality of the company.»
PIK has been operating in the market since 1994 and specializes in projects in the segment of affordable housing. Since its inception, the company has built about 23 million sqm of residential real estate. Since 2007, PIK is present on the stock market. The company adheres to the advanced international standards of corporate governance, which contribute to the successful development of business. By the decision of the Government of the Russian Federation, PIK is included in the list of strategic companies for the Russian economy.