Real Estate

In this commentary NCR describes its view of the various features of corporate hybrid instruments and explains how they affect our view on equity treatment in our corporate credit analysis.

• Read more about Nordic Credit Rating's view on corporate hybrid securities

Today Nordic Credit Rating AS (NCR) published an update to its Rating Principles methodology. The changes have no impact on NCR's existing ratings.

• Read more about Nordic Credit Rating updates its Ratings Principles methodology

Nordic Credit Rating (NCR) believes that retail property owners in the Nordic region will face challenges

• Read more about Retail properties under pressure

• Read more about Offentliga Hus i Norden AB (publ)

The rating was withdrawn on 14 Oct. 2021.

Our 'BBB+' issuer and issue ratings for Fastighets AB Stenvalvet (Stenvalvet) are unchanged following the publication of its mid-year results.

• Read more about NCR comments: Fastighets AB Stenvalvet 2019Q2 report

Our 'BBB+' issuer and issue ratings for Vacse AB (publ) are unchanged following the publication of its Q2 2019 results.

• Read more about NCR comments: Vacse AB 2019Q2 report

NCR views the community service asset class as a supportive factor when assessing the creditworthiness of real estate companies.

• Read more about Swedish community service properties - a stable but broad asset class

• Read more about Fastighets AB Stenvalvet (publ)

Fastighets AB Stenvalvet (publ) was founded in 2010 when AI Pension, Alecta Pension foundation and the Church of Sweden's pension foundation joined together with the purpose of purchasing, developing and managing homes for the elderly in the Mälardalen region. Following the acquisition of Roxanne Real Estate Foundation AB in 2014, the ownership structure was broadened to include Kåpan Pensions and the Swedish Foundation for Strategic Research.

Our 'BBB+' issuer and issue ratings for Vacse AB are unchanged following the publication of its Q1 2019 financial report.

• Read more about NCR comments: Vacse AB 2019Q1 report

Our analysis suggests the issuers may have to refinance 2019 maturities at a premium from current levels.

• Read more about Nordic bond maturities in 2019 - a slightly more challenging affair