...The rating reflects Fitch's expectations that PJSC BELUGA GROUP w ill maintain its leading positions in the Russian spirits industry, w ith low single-digit revenue grow th in vodka to be supplemented by faster grow th in other spirits, exports and recently acquired retail and w ine businesses. The rating headroom remains tight, suggesting no ability to absorb share repurchases in excess of RUB0.5 billion or acquisitions in the near term. We expect a gradual reduction in leverage from 2020 given grow ing EBITDA and decreasing capex. The rating also reflects Beluga's smaller scale and low er profitability compared w ith global peers....
