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
 
4 March 2019 SP Credit Opinion Update 4 March 2019​
 
Moody's
 
Baa3 Stable 16 May 2013 29 April 2019 Moody's Credit Opinion Update 29 April 2019

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.”

Moody’s
“Citycon´s Baa3 long-term issuer rating primarily reflects: 1) the company's focus on necessity-driven retail, services and entertainment; 2) a significant proportion (54% of sales) of retail properties in strong and growing suburban metropolitan areas with attractive multiple forms of public transportation; 3) the geographic diversification of its property portfolio across highly rated countries including Finland, Norway and Sweden; 4) top-three market positions and franchise value in the Nordics shopping centre market; and 5) high unencumbered asset base and a diverse funding mix and consistently high occupancy above 96%.”