JSC “Tander” (hereinafter, the Company) is the main operating asset and property holder of PJSC “Magnit” (ACRA rating AAA(RU), outlook Stable). Due to this, all the Company’s rating assessment factors are equal to the rating assessment factors of PJSC “Magnit”. The Company’s credit rating is based on its very strong operational risk profile, very large size, high profitability, and very strong liquidity.
KEY ASSUMPTIONS
-
Successful implementation of the Company’s strategy;
-
Corporate income tax being increased to 25% in the Russian Federation in 2025;
-
Average annual key rate of the Bank of Russia at 16% in 2024 followed it falling to 10% by the end of 2026;
-
Absence of M&A transactions that may significantly affect the Company’s business.
POTENTIAL OUTLOOK OR RATING CHANGE FACTORS
The Stable outlook assumes that the rating will highly likely stay unchanged within the 12 to 18-month horizon.
A negative rating action may be prompted by:
-
Ratio of FFO before fixed payments to fixed payments falling below 1.5x;
-
Ratio of adjusted total debt to FFO before fixed payments sustainably higher than 4.0x.
rating components
Standalone creditworthiness assessment (SCA): aaa.
Support: none.
ISSUE RATINGS
There are no outstanding issues.
REGULATORY DISCLOSURE
The credit rating has been assigned under the national scale for the Russian Federation based on the Methodology for Credit Ratings Assignment to Non-Financial Corporations under the National Scale for the Russian Federation and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities.
A credit rating has been assigned to JSC “Tander” for the first time. The credit rating and its outlook are expected to be revised within one year following the publication date of this press release.
The credit rating was assigned based on data provided by PJSC “Magnit” and JSC “Tander”, information from publicly available sources, and ACRA’s own databases. The credit rating is solicited and PJSC “Magnit” and JSC “Tander” participated in its assignment.
In assigning the credit rating, ACRA used only information, the quality and reliability of which were, in ACRA’s opinion, appropriate and sufficient to apply the methodologies.
ACRA provided additional services to JSC “Tander”. ACRA provided no additional services to PJSC “Magnit”. No conflicts of interest were discovered in the course of credit rating assignment.
