Moscow, August 6, 2019- Analytical Credit Rating Agency (ACRA) upgraded PIK Group’s credit rating to A-(RU) with stable outlook. The rating of Company’s bonds at the moment is also A- (RU).
The Agency notes the improvement in the company's debt coverage as a result of FFO growth and lower leverage.
The agency also notes strong cash flow indicators and the Company's business profile as factors that had a positive impact on the rating. A strong business profile is due to the high diversification of the project portfolio, sustainable project implementation schedules and conditions as well as very high share of own construction materials and construction works performed without subcontractors.
“Once again, PIK holds the highest credit rating among Russian developers. This, undoubtedly, is a good confirmation of the reliability and sustainability of the Company. We are pleased to note that the A- (RU) rating was also assigned to PIK bonds” said Alexandr Prygunkov, PIK Group’s First Vice-president.
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