S&P: LenSpetsSMU view to stable

S&P said it revised its outlook on SSMO LenSpetsSMU to stable from negative and affirmed its B+ long-term and B short-term global scale corporate credit ratings and ruA Russia national scale rating.

The agency also affirmed the B+ issue and ruA national scale ratings on LenSpetsSMU's senior unsecured debt.

S&P said the outlook revision reflects its view that LenSpetsSMU's consistently prudent liquidity management and sound capital structure continue to mitigate some weakening in operating performance and an increase in its debt leverage.

The company has a track record of refinancing its debt in advance and a preference for manageable repayment schedules linked to its operating cycle. Its average debt maturity is consistently more than two years (2.8 years as of March), and it has no exposure to foreign currency risks on the debt side. Its maturities in the next two years are sizable but fully covered by large cash balances and undrawn long-term credit lines, the agency said.

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