QIWI Credit Rating Withdrawal by S&P Global Ratings Agency
QIWI plc (NASDAQ: QIWI) announced on April 14, 2022, that S&P Global Ratings has withdrawn its credit rating due to the EU's ban on ratings related to entities linked to Russia. This decision does not impact QIWI's operational or financial performance, as the company generates a significant portion of its revenues from Russia. QIWI continues to provide payment and financial services, reporting revenue of RUB 40.6 billion and Adjusted EBITDA of RUB 13.8 billion for FY 2020.
- Revenue for FY 2020 was RUB 40.6 billion.
- Adjusted EBITDA for FY 2020 was RUB 13.8 billion.
- Credit rating withdrawal by S&P Global due to EU regulations affecting entities with links to Russia.
NICOSIA, Cyprus, April 14, 2022 (GLOBE NEWSWIRE) -- QIWI plc (NASDAQ and MOEX: QIWI) (“QIWI” or the “Company”), a leading provider of cutting-edge payment and financial services in Russia and the CIS, today announced that S&P Global Ratings agency has withdrawn its credit rating on QIWI plc.
The withdrawal followed by the EU's decision on March 15, 2022, to ban the provision of credit ratings to legal persons, entities, financial institutions, or bodies incorporated in Russia. Now S&P Global Ratings agency decided to also withdraw its ratings on financial institutions which have links to Russia, although incorporated outside of the country. As most of our clients and employees are located in Russia, and major portion of revenues we generate is in Russia, our rating was withdrawn.
Neither operating nor financial performance of QIWI is affected due to announced credit rating changes.
About QIWI plc.
For over 20 years we stood at the fore point of fintech innovations to facilitate and secure digitalization of payments. Our mission is to connect our clients providing unique financial and technological solutions to make the impossible accessible and simple.
QIWI is a leading provider of cutting-edge payment and financial services in Russia and the CIS. We offer a wide range of products under several directions: QIWI payment and financial services ecosystem for merchants and B2C clients across digital use-cases, ROWI digital structured financial products for SME, Flocktory services in marketing automation and advertising technologies, and several other startups.
QIWI has an integrated proprietary network that enables payment services across online, mobile and physical channels and provides access to financial services for retail customers and B2B partners. Our network allows over 27 million of customers and partners to accept and transfer RUB 148 billion of cash and electronic payments monthly. Company’s money remittance payment platform connects businesses and people from over 185 countries via over 670 thousand service points. Our customers and partners can use cash, stored value, prepaid cards and other electronic payment methods in order to pay for goods and services or transfer money across virtual or physical environments interchangeably, as well as employ QIWI’s open API infrastructure and highly customizable, sophisticated payment solutions to serve their business or personal needs. Our ROWI brand serves businesses with digital factoring, bank guarantees and other financial solutions for SMEs.
For the FY 2020 QIWI had revenue of RUB 40.6 billion and an Adjusted EBITDA of RUB 13.8 billion. QIWI's American depositary shares are traded on the NASDAQ and Moscow Exchange (ticker: QIWI).
For more information, visit investor.qiwi.com.
FAQ
What recent change occurred with QIWI's credit rating?
How does the credit rating withdrawal affect QIWI's financial performance?
What were QIWI's revenue and Adjusted EBITDA figures for FY 2020?
Why was QIWI's credit rating withdrawn?
