S&P Global Ratings Reaffirms MAXIMA GRUPĖ, UAB BB+ Credit Rating with stable outlook

    S&P Global Ratings Reaffirms MAXIMA GRUPĖ, UAB BB+ Credit Rating with stable outlook

On July 25, 2024, following the review of group's operations and financial results, the international credit rating agency, has reaffirmed MAXIMA GRUPĖ‘s long-term issuer credit rating at BB+ with a stable outlook.

S&P Global Ratings report highlights the group's revenue growth, successful expansion in Poland and Bulgaria, efficiently managed costs and stable cash flow generation.

“We are pleased that S&P Global Ratings has recognized our strong performance in 2023, which exceeded the forecast, as well as the financial stability of the group and a decrease in S&P Global Ratings-adjusted leverage from 2.8x to 2.2x,” said Lauryna Šaltinė, Chief Financial Officer of MAXIMA GRUPĖ.

S&P Global Ratings has also affirmed the BB+ rating on MAXIMA GRUPĖ’s senior unsecured notes. However, the agency noted that to maintain this rating, the Group should reduce the share of secured debt in its capital structure.

MAXIMA GRUPĖ was first assigned a BB+ credit rating in 2018. In the same year, MAXIMA GRUPĖ successfully issued a EUR 300 million bond, which was redeemed in 2023. Two years ago, MAXIMA GRUPĖ placed its second EUR 240 million bond issue for a 5-year term.

Additional Information

MAXIMA GRUPĖ, UAB  manages retail chains "Maxima" (in the Baltic countries), "Stokrotka" (in Poland), "T Market" (in Bulgaria), and the online food store "Barbora," operating in the Baltic countries.

MAXIMA GRUPĖ, UAB  is part of the "Vilniaus prekyba" group of companies. Through its other subsidiary companies, "Vilniaus prekyba" controls investments in retail and pharmacy chains, as well as real estate development and rental service companies in the Baltic countries, Sweden, Poland, and Bulgaria.

Contact Person:

 Lauryna Šaltinė

MAXIMA GRUPĖ’S Chief Financial Officer
[e-mail]