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PIK Group

May 14, 2012

Statement re credit rating

London, May 14, 2012- PIK Group ("PIK" or the “Group”), a leading Russian residential developer, announces that it has been assigned an individual A credit rating by the National Rating Agency (NRA), one of the leading ratings agencies in Russia. NRA is officially accredited by the Russian Ministry of Finance, the Central Bank of Russia, Vnesheconombank, MICEX, the National Stock Market Association and a number of other credit and finance organizations.

NRA analysts commented that the assigned rating reflects PIK’s leadership position of the affordable housing market segment, as well as improved operational and financial results for 2011, high standards of corporate governance and transparency, the effectiveness of Group management and the overall strategic importance of the Group.

Andrey Rodionov, Chief Financial Officer of PIK Group commented: “We are proud to be assigned this high credit rating by the National Rating Agency. We achieved successful results last year and managed a complex debt restructuring, putting the business on a more sound financial footing. We plan to continue our growth, as well as our leadership of the affordable housing segment, and we look forward to 2012 with greater confidence.”

 

 

 

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