Nordic Credit Rating said today that it had affirmed its senior unsecured issue ratings of Sweden-based property manager Bonnier Fastigheter AB and issued by its financing subsidiary AB Bonnier Fastigheter Finans (publ) at 'BBB', in accordance with its revised issue rating criteria. The rating action reflects our expectations that Bonnier Fastigheter will keep its gross secured loan-to-value ratio (LTV) below 40% on a sustained basis. Gross secured LTV stood at 19% as of 30 Apr. 2023. At the same time, the 'BBB' long-term issuer ratings for each company were affirmed. The outlook is negative. The ratings for both companies are no longer under criteria review.
| Rating list | To | From |
|---|---|---|
| Long-term issuer credit rating: | BBB | BBB |
| Outlook: | Negative | Negative |
| Short-term issuer credit rating: | N3 | N3 |
Gustav Nilsson, analyst, +46735420446, gustav.nilsson@nordiccreditrating.com
Yun Zhou, analyst, +46732324378, yun.zhou@nordiccreditrating.com
The methodology documents used for this rating are NCR's Corporate Rating Methodology published on 8 May 2023, NCR's Rating Principles published on 24 May 2022 and NCR's Group and Government Support Rating Methodology published on 18 Feb. 2022. For the full regulatory disclaimer please see the rating report. NCR - Bonnier_Fastigheter_AB - Rating Action Report 22 Jun. 2023.pdf (142.66 KB) Bonnier Fastigheter AB BBB Negative Real estate N3 Off On On