Russia-based ratings agency RAEX has assigned Eurotorg, the largest food retail chain in Belarus, with a rouble-denominated bond rating at “RuA-” with a stable outlook, making it the first non-Russian company to gain a Russian credit rating.
The company was also assigned a “byA+” rating at Belarusian standards, also with a stable outlook.
“Eurotorg is continuing to lead the way for Belarusian companies in international capital markets, following on from our path-breaking successful Eurobond issuance. As part of our strategic goal of optimising leverage, we are always looking for opportunities to diversify our funding profile and lengthen the tenor of our debt,” said Andrey Zubkou, the company’s CEO, adding that the decision made by RAEX means new opportunities for Eurotorg to attract funding from the Russian market.