The credit rating of Hyperglobus LLC (hereinafter, Hyperglobus or the Company) is based on its strong operational risk profile, very strong liquidity and cash flow, low leverage, and high profitability.
As of the end of 2024, Hyperglobus ranked 12th in terms of revenues among the largest retail food chains in the Russian Federation. As of the end of last year, the Company had 20 hypermarkets, with a total selling area of 216,000 square meters. The Company operates in the Moscow area and neighboring regions under the Globus brand.
KEY ASSESSMENT FACTORS
The high assessment of the Company’s operational risk profile takes into account the low cyclical demand for products (the main business is grocery retailing in the mass segment), moderate diversification of the retail chain by store format (mainly hypermarkets with a small share of online commerce and wholesale), and the strong brand (Globus) and promotion policy. An important competitive advantage of the Company is the relatively high proportion of its own products (gastronomy, including restaurants, as well as meat, fish, confectionery and bakery products) — this group of products accounts for up to a third of sales. The Company’s hypermarkets are located mainly in the Moscow Region near Moscow.
Hyperglobus is successfully implementing its own retail chain development strategy. Risk management procedures are regulated and minimize all major risks. The Company’s structure is assessed as strong, and the main cash-generating operations are concentrated on a single legal entity. There is no board of directors, and the beneficial owner is the Bruch family, which owns the international Globus hypermarket chain. Financial transparency is assessed as medium, as the Company does not compile IFRS financial statements, and only prepares financial statements only in accordance with Russian and German accounting standards.
Low leverage and very high coverage. According to ACRA’s estimates, the weighted average ratio of total debt to FFO before net interest payments from 2022 to 2027 will be 1.0x, and the weighted average ratio of adjusted total debt to FFO before fixed payments for the same period will be 1.5x. The weighted average ratio of FFO before net interest payments to interest payments from 2022 to 2027 is estimated at 10.7x, and the ratio of FFO before fixed payments to fixed payments is 5.8x. The Company’s debt primarily includes long-term loans with hedged floating or fixed rates.
Very strong liquidity and cash flow. The Company has a sufficient amount of committed and undrawn credit limits to maintain a comfortable liquidity position. ACRA forecasts a consistently positive weighted average FCF from 2025 to 2027. The Agency notes a sufficient degree of diversification of lenders.
key assumptions
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Successful implementation of the Company’s development strategy;
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The size of the investment program as planned.
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 positive rating action may be prompted by:
- Better financial transparency and more formalized corporate governance.
A negative rating action may be prompted by:
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Weighted average ratio of total debt to FFO before net interest payments and ratio of adjusted total debt to FFO before fixed payments exceeding 2.0x amid lower interest coverage metrics with the ratio of FFO before fixed payments to fixed payments falling below 5.0x and the ratio of FFO before net interest payments to interest payments falling below 8.0x;
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Much worse cash flow and increase in the volume of investment program.
RATING COMPONENTS
Standalone creditworthiness assessment (SCA): aa-.
Support: none.
regulatory disclosure
The credit rating has been assigned to Hyperglobus LLC based on the following methodologies: the Methodology for Assigning Credit Ratings to Non-Financial Corporations under the National Scale for the Russian Federation to calculate the SCA and determine the credit rating and the credit rating outlook of Hyperglobus LLC 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 to ensure consistent and uniform application of ACRA’s methodologies, models, and key rating assumptions.
A credit rating of Hyperglobus LLC under the national scale for the Russian Federation has been published for the first time.
The credit rating and its outlook are expected to be revised within one year.
The credit rating was assigned based on data provided by Hyperglobus LLC, information from publicly available sources, and ACRA’s own databases. The rating analysis was performed using the RAS accounting (financial) statements of Hyperglobus LLC as of December 31, 2024.
The credit rating is solicited and Hyperglobus LLC 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 the following additional services to Hyperglobus LLC: information and reference services (workshop) from October 29, 2025 to October 30, 2025.
No conflicts of interest were discovered in the course of credit rating assignment.
