Nordic Credit Rating said today that it had affirmed the senior unsecured issue rating of Sweden-based property manager Heba Fastighets AB (publ) at 'BBB', in accordance with its revised issue rating criteria. The rating action reflects our expectations that the company will keep its gross secured loan-to-value ratio (LTV) below 40% on a sustained basis. Gross secured LTV stood at 31% as of 31 Mar. 2023. At the same time, the 'BBB' long-term issuer rating on the company was affirmed. The outlook is negative. The ratings 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 |
| Senior unsecured issue rating: | BBB | BBB |
Ylva Forsberg, analyst, +46768806742, ylva.forsberg@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 - Heba_Fastighets_AB_publ - Rating Action Report 22 Jun. 2023.pdf (138.44 KB) Heba Fastighets AB (publ) BBB Negative Real estate N3 Off On On