S&P Upgraded The Rating Of Sistema (PJSFC) To "Bb" From " Bb-"
International rating agency S&P has upgraded the long-term rating of Sistema in foreign and national currencies to "BB" from "BB-," the rating outlook is stable, the agency said in a statement.
"Sistema's portfolio consists of several assets that either remained stable during the pandemic in terms of operational performance or benefited from it," the agency said in a statement.
The stable outlook reflects S&P's view that the company will be able to maintain the loan-to-value ratio (LTV) below 40% over the next year. The agency notes that the funds received from the sale of the stake in Detsky Mir were used by Sistema to repay the debt.
According to the agency's calculations, Sistema has increased the value of its portfolio by 20% since the agency's last rating action in August last year.
In early September, Sistema fully exited Detsky Mir's capital, selling 20.38% of the retailer's shares.
Sistema is an investment holding company with assets in telecommunications, electronics, electric power, retail, Finance, medicine, pharmaceuticals, and biotechnology. The main shareholder is Vladimir Yevtushenkov, who owns 59.2% of Sistema's shares. His son Felix Yevtushenkov owns 5.1817%.