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
4 March 2019 SP Credit Opinion Update 4 March 2019​
Baa2 Negative 16 May 2013 4 June 2018 Moody's Credit Opinion Update 19 June 2018

Standard & Poor's
”Because its portfolio lost value and the company disposed less assets than we forecast, it missed its loan-to-value (LTV) target of 45% and our 50% debt-to-debt-plus-equity ratio guidance for maintaining the rating. We expect the challenging market conditions to prevail and the debt-to-debt plus equity ratio to remain sustainably above 50%. We are therefore lowering our ratings on the company to 'BBB-/A-3' and our rating on its senior unsecured notes to 'BBB-'. The stable outlook indicates that despite weakening economic trends in its key markets, we expect the company's income to prove resilient over the next 12-24 months, based on a stable occupancy rate of 96%, its additional specialty leasing, and contributions from redevelopment projects.”

“Citycon's Baa2 rating reflects i) its focus on urban, necessity-driven retail properties in strong and growing metropolitan locations in highly rated countries, ii) the good geographic diversification of its property portfolio across Finland (Aa1 stable), Norway (Aaa stable) and Sweden (Aaa stable), iii) its good market positions and franchise value in the Nordic shopping centre market and iv) a fully unencumbered asset base and good access to capital despite the presence of a dominant shareholder.”

Rating development