Cologne-based cooperative REWE Group has announced that Standard & Poor's (S&P) has upgraded its rating from BBB- to BBB (outlook: stable).
As part of their analysis, S&P recognised the stable business profile of the cooperative group and the market positions in Germany, Austria, and Czechia.
In addition, the retailer was commended for its work as an innovation driver, being one of the first retail companies to introduce convenience formats, rely on regional and organic products, and introduce a nationwide online food trade in Germany.
Telerik Schischmanow, CFO of REWE Group, said, "We are very proud of the upgrade of our rating. We feel confirmed in our strategy of sustainable, long-term growth and are pleased that S&P has recognised the continuously positive development of the REWE Group over the past few years and has confidence in our financial strength and strategy. A strong signal for security and stability, especially in the current times."
In February 2010, the rating agency gave the cooperative a rating of BBB- (outlook: stable) for the first time, which was maintained until the recent upgrade.
This made the group the first cooperatively organised company in Germany with an internationally recognised rating.
The rating has been investment grade since the initial rating process and is constantly monitored and updated in annual management meetings and through continuous communication between REWE Group and the rating agency.
The rating certifies security and stability to third parties and forms the basis for raising funds via the capital market and also supports the diversification of financing sources.