OREANDA-NEWS. December 24, 2007. (PIK (LSE: PIK), one of Russia’s leading residential developers, today announced that Fitch Ratings has assigned a Long-term Issuer Default rating (IDR) of 'BB-' (BB minus) and a Short-term IDR of 'B'. The Outlook for the Long-term IDR is Stable.

Fitch Ratings said in a press-release that "The ratings reflect PIK Group’s leading positions in the buoyant Moscow and Moscow region housing construction markets. Fitch also notes that PIK Group was one of the first Moscow-based housing construction companies to move outside the city and into the Moscow region and other regions of Russia, thereby expanding its project portfolio and enhancing revenue diversification."