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Fitch upgrades Russian real estate developer PJSC LSR Group

Fitch Ratings upgraded PJSC LSR Group's long-term issuer default rating to B+ from B and revised the outlook to stable from positive.

The rating agency upgraded the senior unsecured rating of the Russian real estate developer's outstanding bond issues to B+/RR4 from B/RR4.

Fitch attributed the upgrade to an improvement in the company's working capital volatility and the resulting free cash flow generation, as well as its expectations for a moderate level of funds from operations-adjusted gross leverage of approximately 3.0x on average in the medium term.