S&P Global Ratings has reaffirmed a BB+ credit rating with a stable outlook for Lithuania’s Maxima Group, the biggest retail group in the Baltics, owned by Nerjus Numa’s Vilniaus Prekyba
“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,” the group CFO Lauryna Saltine said in a statement.
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.
S&P Global Ratings has also affirmed the BB+ rating on Maxima Group’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 Group was first assigned a BB+ credit rating in 2018. The same year, the group successfully issued a 300 million euro bond, which was redeemed in 2023. Two years ago, Maxma Group placed its second 240 million euro bond issue for a 5-year term.
Maxima Group’s consolidated revenue rose 13 percent to 5.85 billion euros last year, its consolidated earnings before interest, taxes, depreciation, depletion and amortisation (EBITDA) jumped 30 percent to 368.9 million euros, and net profit surged 77 percent to 184.7 million euros.
Source: BNS
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