Standard & Poor’s upholds Softline’s credit rating
Experts at Standard& Poor's agency analyzed the financial performance of Softline and confirmed its credit rating at B with a stable outlook. Even with the global economy in dire straits, Softline is showing strong growth and quickly adapts to new challenges. Its continuous growth and solid financial position keep attracting investors.
Softline Holding plc began trading under the brand name Noventiq after divesting part of its business in October 2022.
Softline is the onlyRussian IT company that which has been assigned the B credit ratingwith a stable outlook by Standard & Poor's for two years in arow. Its business prospects are excellent. In 2019, the turnover ofthe Group increased by 14.8% year-on-year to reach RUB 108.83 billion($1.64 billion), while exports increased by 26% to $0.6 billion.
In April 2020,Softline placed RUB 1.4 billion ($18.7 million) worth of 3-year bondsto become the only non-public IT company in Russia and EECA that wasable to attract corporate investors despite the global recession.
Softline hasachieved a confident position in the rating thanks to its uniqueexpertise, the continuing expansion of its solutions and servicesportfolio, and close cooperation with Russian and foreign vendors.Many years in the global high-tech market have helped the companybuild a skilled professional team. Softline can solve any IT problemfor clients all over the world.
"The globalsituation remains alarming, with macroeconomic indicators down inmost countries. People are wary of the second wave of the pandemicthat may come in the fall. But even in this situation, whenanalytical agencies are downgrading the ratings of many IT marketplayers, Softline continues to develop and strengthen its positions.The "B" rating with a "stable" forecast confirmedby Standard & Poor's follows from Softline’s sustainablebusiness policies and diverse portfolio. Let me assure our investorsthat we are perfectly prepared to meet any new challenges,” saysArtem Tarakanov, Global CFO at Softline.
