Nordic Credit Rating (NCR) has affirmed its 'BBB-' long-term issuer on Sweden-based commercial property manager Platzer Fastigheter Holding AB (publ). The outlook is stable. The 'BBB-' senior unsecured issue rating was affirmed. At the same time, the short-term rating was raised to 'N3' from 'N4', reflecting our expectation of sustained improvement in the company's liquidity management, with committed sources exceeding uses over an extended period.
Rating rationale
The affirmation of the long-term rating and the upgrade of the short-term rating reflect extensive refinancing in the fourth quarter of 2025, leading to revised expectations of sustained improvement in the company's liquidity management. Following an internal policy alignment, committed sources of capital are expected to exceed uses in each 12-month period. While some proactive refinancing measures may be temporary due to favourable financing conditions, we anticipate continued improvement in liquidity management, supporting enhanced financial flexibility and underpinning our improved financial risk appetite assessment.
We anticipate that an improved economic outlook in 2026 will stabilise office occupancy and support a recovery in net letting, limiting downside risk to operating cash flows. Positive net letting in the fourth quarter of 2025 and growth in rental levels on renegotiated contracts indicate recovering demand for office space.
The company's financial performance is in line with prior expectations, including improved net interest coverage following the refinancing of a significant portion of debt on more favourable terms. Despite anticipated SEK 60m in additional share repurchases for 2026, we expect leverage to retain sufficient headroom to our rating drivers. We expect capital expenditures of SEK 450m in 2026, rising to SEK 600m per year for 2027 and 2028. As a result, we expect NCR-adjusted EBITDA/net interest of 2.6–2.8x through 2028 and net LTV of 45–48% over the same period.
Stable outlook
The stable outlook reflects our expectation of solid financial flexibility and operational performance, with key credit metrics remaining consistent with the rating level over the next 12–18 months. We anticipate that the company will maintain adequate headroom relative to its rating drivers, maintain focus on commercial properties in the Greater Gothenburg region, and pursue controlled growth through project development.
We could raise the rating to reflect strengthened credit metrics (net LTV) below 40% over a protracted period) together with an improved debt maturity profile with reduced maturity concentrations or efforts to significantly reduce project risk exposure relative to its portfolio.
We could lower the rating to reflect worsening credit metrics (net LTV above 50% or EBITDA/net interest below 2.2x) over a protracted period, deteriorating market fundamentals that adversely affect occupancy and/or profitability, or to reflect increased exposure to and risk taking in development projects.
| Rating list | To | From |
|---|---|---|
| Long-term issuer credit rating: | BBB- | BBB- |
| Outlook: | Stable | Stable |
| Short-term issuer credit rating: | N3 | N4 |
| Senior unsecured issue rating: | BBB- | BBB- |
Related rating actions
i) Platzer Fastigheter Holding AB (publ) outlook revised to stable; 'BBB-' long-term issuer rating affirmed, 23 Jan. 2025.
Related publications
i) Share buybacks may weaken Swedish real estate managers' financial risk profiles in 2026, 17 Dec. 2025.
ii) NCR Comments: Platzer Fastigheter Holding AB (publ) rating and outlook unchanged following announcement of share buyback, 10 Dec. 2025.
iii) Swedish real estate snapshot (Q3 2025): With wallets wide open, deal flow ramps up, 24 Nov. 2025.
iv) Strong financing climate for Swedish real estate companies in an uncertain environment, 16 Sep. 2025.
v) Swedish real estate snapshot (Q2 2025): Compressing credit margins upon refinancing expected to improve interest coverage, 1 Sep. 2025.
vi) Platzer full rating report, 16 Jun. 2025.
Contacts:
Gustav Nilsson, analyst, +46735420446, gustav.nilsson@nordiccreditrating.com
Elisabeth Adebäck, analyst, +46700442775, elisabeth.adeback@nordiccreditrating.com
Sean Cotten, chief rating officer, +46735600337, sean.cotten@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 14 Feb. 2024 and NCR's Group and Government Support Rating Methodology published on 14 Feb. 2024. For the full regulatory disclaimer please see the rating report.