S&P upgrades Lenta

Standard & Poor's said it raised to BB- from B+ the long-term corporate credit ratings on Lenta Ltd. and Lenta LLC, the group's main asset owner and sole operating entity.

The outlook is stable.

The upgrades reflect a view of Lenta's improved business risk profile, based on its efforts to expand its store chain, widen geographic reach by entering new regions in Russia, develop supermarket format and increase operating efficiency, S&P said.

The group has continued its store-expansion program over the past three years, doubling the total selling space and increasing strong sales growth and sound profit margins, the agency said.

Despite Russia's challenging economic environment, Lenta continues to demonstrate solid operating performance, S&P said.

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