Moscow, January 25, 2020 — For the first time, analysts of the Moody’s international agency assigned PIK a corporate rating (CFR) at Ba2 and a potential default rating (PDR) at Ba2-PD. The outlook for all ratings is stable.
Moody’s analysts attributed the ratings to PIK’s leading positions in the industry, the company’s vertical integration and its own ecosystem, robust operating and financial performance, and impressive credit metrics that will be sustained in 2021 and 2022.
The experts also noted the diversified portfolio and concentration of projects in the affordable housing segment, strong PIK brand and the company’s high liquidity, supported by large cash reserves and comfortable debt maturities. The sound financial policy of the company, which, among other things, provides for active management of the debt portfolio and acceptable dividends was also taken into account.
Moody’s analysts concluded that the restrictions caused by the spread of coronavirus infection did not significantly affect the company’s work. On the contrary, PIK’s rapid adaptation to the new conditions, coupled with government support measures, resulted in PIK’s strong operating performance and sales dynamics.