PJSC MGKL Achieves Historic Global Scale Rating in India
PJSC MGKL becomes first Russian publicly listed co to get global scale issuer rating in India
The Economic TimesImage: The Economic Times
PJSC MGKL, Russia's first publicly listed resale operator, has received a 'CareEdge B-/Stable' Global Scale Long-Term Local Currency Issuer Rating from CareEdge Global IFSC Limited in India. This marks the first time a Russian issuer has achieved such a rating, reflecting MGKL's significant growth and market expansion plans.
- 01PJSC MGKL is the first Russian company to receive a global scale issuer rating in India.
- 02The company holds a 'CareEdge B-/Stable' rating from CareEdge Global IFSC Limited.
- 03MGKL has expanded its branch network from 17 locations in 2019 to over 200 today.
- 04Resale of pre-owned goods is now the largest contributor to MGKL's profitability.
- 05The company plans to enhance its online platform to further penetrate the market.
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PJSC MGKL, Russia's largest pawnshop business, has made history by becoming the first Russian publicly listed company to receive a 'CareEdge B-/Stable' Global Scale Long-Term Local Currency Issuer Rating from CareEdge Global IFSC Limited in India. This rating signifies a stable outlook for the company, indicating its potential for continued growth while maintaining solid financial metrics and liquidity. MGKL has experienced substantial growth, expanding its branch network from 17 locations in 2019 to over 200 today. The company's diversification into the resale of pre-owned goods and trading of precious metals has significantly boosted its profitability, with gross margins exceeding 50% and net margins above 20%. CEO Aleksey Lazutin emphasized India's strong domestic demand and rapid digitalization as key factors for potential long-term partnerships. The rating opens new opportunities for MGKL in friendly countries like India, providing wider access to capital and avenues for business expansion. Ankit Kedia, Senior Director of CareEdge Global, noted that this rating reflects MGKL's credit profile in a global context, distinguishing it from national scale ratings.
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This rating enhances PJSC MGKL's credibility in international markets, potentially leading to increased investment and business opportunities in India.
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