The Watch status has been assigned on the credit rating of Sanymon Corporation Limited (CYP) (hereinafter, Azbuka Vkusa or the Company) in view of the publicly available information on the potential acquisition of Azbuka Vkusa grocery chain by PJSC Magnit. The Agency will analyze the impact of this transaction on the Company’s creditworthiness.
The Company’s current credit rating of A(RU) is determined by the strong operational risk profile, medium size of business, high profitability, medium leverage, and strong assessments of liquidity and cash flow. The rating is limited by the low level of coverage.
Azbuka Vkusa is a multi-channel grocery chain in the medium+ segment that operates in Moscow, the Moscow Region, and Saint Petersburg.
potential outlook or rating change factors
The Watch status assumes that the rating will highly likely stay unchanged or be upgraded.
Removal of the Watch status and affirmation of the credit rating may be prompted by:
- The current ownership structure and group structure remaining unchanged.
Removal of the Watch status and upgrade of the credit rating may be prompted by:
- Improvement of the assessment of the new owner’s support.
rating components
Standalone creditworthiness assessment (SCA): a.
Adjustments: none.
issue ratings
No outstanding issues have been rated.
regulatory disclosure
The credit rating of Sanymon Corporation Limited (CYP) has been assigned under the national scale for the Russian Federation based on the Methodology for Assigning Credit Ratings 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.
The credit rating of Sanymon Corporation Limited (CYP) was published by ACRA for the first time on April 17, 2017. The credit rating and its outlook are expected to be revised no later than December 23, 2025.
The credit rating was assigned based on data provided by Sanymon Corporation Limited (CYP), information from publicly available sources, and ACRA’s own databases. The credit rating is solicited and Sanymon Corporation Limited (CYP) 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 no additional services to Sanymon Corporation Limited (CYP). No conflicts of interest were discovered in the course of credit rating assignment.
