Copyright © Inderes 2011 - present. All rights reserved.
  • Latest
  • Markets
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
  • inderesTV
  • Forum
  • About Us
    • Our Coverage
    • Team
Press release

Samhällsbyggnadsbolaget i Norden AB: S&P affirms SBB's investment grade rating BBB- with negative outlook - the Brookfield transaction should have a positive impact

Samhällsbyggnadsbolaget i Norden

S&P Global Ratings ("S&P") has today affirmed Samhällsbyggnadsbolaget i Norden AB (publ) ("SBB")'s investment grade rating BBB- with negative outlook. A few comments from the S&P rating:

- We believe the transaction, if it materializes as expected, should have a positive impact on SBB's leverage ratios and liquidity position, since the company will use the cash proceeds to repay debt over the next 12-24 months.

- Yet we are mindful of current challenging conditions in the real estate markets and SBB's elevated leverage as of third-quarter 2022, despite all transactions announced by the company in recent months prior to this announcement.

- The negative outlook indicates that we could lower the ratings within 12 months if SBB fails to achieve its leverage targets, causing our adjusted debt-to-debt-plus equity ratio to remain at 60 percent or higher or EBITDA interest coverage to fall below 2.4x for a prolonged period.

- We continue to incorporate a one-notch downward adjustment from the BBB anchor rating, given SBB's elevated asset rotation, which has resulted in some volatility of its credit metrics in recent months and adds complexity to the overall corporate structure.

Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • X (Twitter)
Get in touch
  • info@hcandersencapital.dk
  • Bredgade 23B, 2. sal
    1260 København K
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer
Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.