OREANDA-NEWS. OJSC “Magnit” (the “Company”; MICEX and LSE: MGNT) announces the upgrade of its longterm corporate credit rating to “BB” level with Stable outlook by Standard & Poor’s.

Please be informed that Standard & Poor’s Rating Services raised its long-term corporate credit rating of OJSC “Magnit” from “BB-” to “BB” level with Stable outlook. The upgrade reflects S&P’s opinion that continuing robust earnings growth driven by selling space expansion will help OJSC “Magnit” maintain its modest leverage level, resilient operational performance and stable operating cash flow generation will continue and that Magnit’s liquidity will remain adequate.

Consequently, Standard & Poor's have revised their assessment of Magnit's financial risk profile to "significant" from “aggressive”.