OREANDA-NEWS. National Rating Agency has raised its national scale credit rating on Magnit PJSC (Magnit) to 'AAA'. The outlook for the rating is Stable. The company was assigned NRA's first-time credit rating of 'AA' on Feb. 15, 2011. The latest rating action on Magnit (its credit rating affirmation at 'AA+' with a positive outlook) was on July 16, 2015.

Magnit is a holding company for Magnit Group, the food and consumer goods retailer operating its own multi-format chain. It is consistently one of Russia's leading food retailers in terms of revenue and the number of stores. At year-end 2015, the Magnit chain comprised 12,089 stores (9,594 convenience stores, 219 hypermarkets, 155 'Magnit Family" stores and 2,121 druggeries) with a total retail area of 4,414 thousand square meters (up 23% compared with a year earlier). Magnit continues to expand geographically; at year-end 2015, its chain covered 2,361 localities in Russia.

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