...The affirmation of PJSC BELUGA GROUP's (Beluga) Issuer Default Rating (IDR) at `B+' in June 2020 reflects Fitch Ratings' view that the group's operating performance will remain resilient to pandemic-related pressures. Despite Beluga's investment in the expansion of its retail operations and the initiation of dividend distribution, the company should be able to reduce its leverage by 2021, which was at the higher end of the band acceptable for its rating as of end- 2019....