Moscow, Russia – 16 April 2018. Azbuka Vkusa (the “Company”), the leader of Russian high-quality food retail segment is pleased to announce an ACRA credit rating upgrade to BBB with a stable outlook.
The upgrade of the credit rating is due to a positive assessment of the flexibility of the Company's development strategy. ACRA experts noted the strong business profile of Azbuka Vkusa, adequate corporate governance and high profitability of the business.
Victoria Lubnina, CFO of “Azbuka Vkusa”, commented:
“ACRA rating is an effective tool that allows us to lower loan rates, supporting the financial stability of the Company for creditors. The rating provides access to bond market, which help us obtain favorable rates for the Company on loans. The BBB credit rating will allow the Company to include bonds in the Lombard List of the Central Bank of Russia, increasing their liquidity and lowering the cost of services. The expert evaluation of the ACRA agency and the positive dynamics of this assessment guarantee the confidence of financial institutions in our Company”
About Azbuka Vkusa
Azbuka Vkusa is the leader among Russian food retailers in the high-quality segment. The Company was founded in 1992 in Moscow, and the first supermarket was opened in 1997.
The company manages a diversified portfolio of formats: 98 supermarket "Azbuka Vkusa", 51 minimarkets "AV Daily", 10 big supermarkets "AV Market", three wine stores “Enoteca” and Internet platform. As of 16h February 2018, the Company operated 162 stores with a total selling space of approximately 96,471 sq.m.
The Company operates in the most affluent metropolitan areas in Russia, such as Moscow, Moscow region and St. Petersburg. As of March 31, 2017, Company employed ~10,700 people.
"Azbuka Vkusa" revenue for the 2016 financial year (ending March 31, 2017) was 49.8 Rub bn with EBITDA of 4.1 Rub bn (according to the audited IFRS financial statement)
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Head of Investor Relations