ACRA Upgrades SFI Credit Rating to A+(ru) with Positive Outlook

On May 15, 2024, the ACRA rating agency upgraded PJSC SFI's credit rating from A(ru) to A+(ru) with a "positive" outlook.

The agency's press release notes that the upgrade of SFI's credit rating is primarily due to an improved assessment of the holding's asset quality following Europlan's IPO, as well as improved assessments of the holding's liquidity and interest coverage.

"SFI is characterized by low debt burden, an average level of diversification of financial investments, and a moderately high assessment of factors included in the 'Corporate Governance' block," the ACRA press release states.

The rating agency's report specifically highlights the holding's low debt burden. According to ACRA's assessment, after the IPO of PJSC Europlan Leasing Company, the ratio of total debt to the market value of the Holding's assets fell below 10%. At the same time, the agency notes that the funds raised as a result of the IPO of PJSC Europlan Leasing Company, as well as the expected dividends, form a sufficient amount of liquidity to fulfill obligations to the Holding's creditor, in connection with which the assessment of the "Liquidity Assessment" factor was improved.

The full text of ACRA's press release can be found on the rating agency's website.