S&P assigns BB to X5 bonds

S&P said it assigned its BB long-term issue rating to proposed ruble-denominated senior unsecured bonds to be issued by X5 Finance BV, a fully owned financing subsidiary of Russian grocery chain X5 Retail Group NV (BB/stable/--).

X5 Retail Group and its main operating subsidiaries Agrotorg LLC and Trade House Perekriostok CJSC will guarantee the proposed notes.

“We understand that X5 intends to use the proceeds of the proposed bond to refinance its existing bank loans,” S&P said in a news release.

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