OREANDA-NEWS. OJSC “Magnit”, Russia's largest food retailer (the “Company”; MICEX and LSE: MGNT) announces the revision of the outlook to positive by Standard & Poor's Rating Services.

Please be informed that on May 7, 2014 Standard & Poor's Rating Services revised its outlook on Magnit to positive from stable and affirmed the 'BB' long-term rating. The upgrade reflects S&P's expectation that Magnit will maintain its sound operating performance, despite a tough economic environment.

The positive outlook reflects the possibility of an upgrade within the next 12 months if Magnit maintains improving operating and financial trends and generates material, sustainable free operating cash flow.

Magnit is Russia's largest food retailer. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of March 31, 2014, Magnit operated 23 distribution centers and over 8,200 stores (7,341 convenience, 215 hypermarkets, and 700 cosmetics) in more than 1,905 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the audited IFRS consolidated financial statements for 2013, Magnit had revenues of USD 18,202 million USD and an EBITDA of USD 2,032 million USD. Magnit's local shares are traded on the Moscow Stock Exchange (MICEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor's of BB+. Measured by market capitalization, Magnit is one of the largest retailers in Europe.