Moscow, Amsterdam, December 30, 2021 – Yandex (NASDAQ and MOEX: YNDX), one of Europe’s largest internet companies and the leading search and ride-hailing provider in Russia, today announced that Fitch Ratings has assigned Yandex a first-time Long-Term Issuer Default Rating (IDR) of ‘BBB’ with a Stable Outlook. According to Fitch’s published report, the key rating drivers included, among others, Yandex’s strong leadership position in many consumer segments in Russia (including in search and advertising, ride-hailing, auto classifieds, video and music streaming and ecosystem subscription), as well as the solid EBITDA margins and robust cash generation of Yandex’s advertising and ride-hailing businesses, enabling the company to invest in new attractive opportunities, while maintaining a robust and stable financial position.
“We are pleased to achieve an investment grade credit rating from Fitch, making us one of only a few non-state companies in Russia to receive a rating equal to the sovereign rating. We believe that this rating from one of the leading international credit rating agencies provides our shareholders and partners with an independent view on our business and our financial sustainability,said Svetlana Demyashkevich, Chief Financial Officer.
Yandex (NASDAQ and MOEX: YNDX) is a technology company that builds intelligent products and services powered by machine learning. Our goal is to help consumers and businesses better navigate the online and offline world. Since 1997, we have delivered world-class, locally relevant search and information services, navigation products, while also expanding into e-commerce, online entertainment, cloud computing and other markets to assist millions of consumers in Russia and a number of international markets. Yandex, which has over 30 offices worldwide, has been listed on NASDAQ since 2011 and on Moscow Exchange since 2014.
More information on Yandex can be found at https://yandex.com/company/.
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