Nordic Credit Rating said today that it had assigned a 'BB+' issue rating to senior unsecured debt issued by Sweden-based Platzer Fastigheter Holding AB (publ). The rating is applicable to future senior unsecured instruments issued by the company.
Rationale
On 9 Sep. 2021, Platzer announced that it had issued an inaugural SEK 600m 4-year senior unsecured green bond under its SEK 5bn medium term note programme. In line with our criteria, we rate Platzer's senior unsecured instruments one notch below the 'BBB-' long-term issuer rating to reflect the high proportion of secured debt (more than 50%) in the company's debt hierarchy, which reduces the recovery prospects of senior unsecured bondholders.
The long-term issuer rating is not affected by this rating action and remains unchanged.
| Rating list | To | From |
|---|---|---|
| Long-term issuer credit rating: | BBB- | BBB- |
| Outlook: | Stable | Stable |
| Short-term issuer credit rating: | N-1 | N-1 |
| Senior unsecured issue rating: | BB+ | None |
If you have any questions, please contact:
Marcus Gustavsson, credit rating analyst, +46700442775, marcus.gustavsson@nordiccreditrating.com
Mille O. Fjeldstad, credit rating analyst, +4799038916, mille.fjeldstad@nordiccreditrating.com
The methodology documents used for this rating are NCR's Rating Principles published on 16 Sep. 2019 and NCR's Corporate Methodology published on 14 Aug. 2018. For the full regulatory disclaimer please see the rating report.