May 24, 2021

 
Moody's upgrades Cherkizovo's rating with stable outlook

Cherkizovo Group has announced that Moody's Investors Service has raised the company's credit rating to Ba3 with a stable outlook.

According to the agency, the decision reflects Cherkizovo's improved business structure, effective vertical integration and strong competitive position.

Moody's noted the group's increased capacities and a smooth integration of new acquisitions. It also praised the company for reducing its net debt / EBITDA ratio to below 3.0x while facing a challenging macroeconomic environment in 2020.

"Despite the tough economic conditions caused by the COVID-19 pandemic, we delivered solid financial performance last year thanks to our efficient vertically integrated business model," said Ludmila Mikhailova, chief financial officer at Cherkizovo Group.

"We are happy that Moody's has confirmed Cherkizovo's resilience and stability. Today, Cherkizovo continues growing both organically and through a successful M&A activity, providing consumers with high-quality meat products."

- Cherkizovo