Cityconilla on kaksi investointitason luottoluokitusta.
|Luottoluokittaja||Pitkäaikainen luottoluokitus||Näkymä||Alkaen||Viimeisin muutos luokituksessa||Viimeisin raportti (englanninkielinen)|
|Standard & Poor's||BBB-||Vakaa||10.5.2013||22.6.2021|
Standard & Poor's
"The stable outlook reflects our view that the company should be able to maintain a debt-to-debt-plus-equity ratio close to 50% over the next 12-24 months. We also anticipate debt to EBITDA returning to 10x-11x and EBITDA interest coverage to 2.7x-3.0x over that period. Furthermore, we expect Citycon's operating performance will continue to stabilize with improving footfall numbers and tenants' sales as the Nordic economies recover."
The affirmation of its ratings takes into account that Citycon has some time to re-build buffers in its credit profile. Inflation will at least for this year support net rental income as the vast majority of its rents are linked CPI-linked and as its Lippulaiva residential development project starts generating income. Also, higher funding costs will only start to materialize from Q4 2024 onwards when the next bond matures. We also take comfort from actions taken during the coronavirus pandemic aimed at strengthening its credit profile, which has improved through hybrid issuances, asset disposals and better operational performance. We believe however that market conditions will worsen to a degree that will require additional measures, such as further asset disposals and proactive debt maturity management, to safeguard an investment-grade like financial profile."