Ratings

Citycon has two investment grade credit ratings.

Rating agency Long-term corporate credit rating 
 
Outlook Since Latest change in rating Latest report
Standard & Poor's
 
BBB- Stable  10 May 2013
 
22 June 2021
Moody's
 
Baa3 Negative 16 May 2013 13 June 2022

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."

Moody’s

"Moody's affirmed the Baa3 long-term issuer rating also because Citycon's operational performance has been well recovering from the pandemic with tenant sales approaching 2019 levels. A low OCR suggests that rents, even when adjusting for inflation, can sustain some increases while vacancies appear manageable. Citycon's performance has also been stronger than most of its European peers where its significant grocery and necessity shopping share (35%). Additionally, Citycon has been able to divest assets during the pandemic, which also demonstrated appetite for shopping centres."