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
 
9 July 2014 SP Credit Opinion Update 29 May 2017
 
Moody's
 
Baa1 Negative 16 May 2013 15 January 2016 Moody's Credit Opinion Update 26 July 2017

Standard & Poor's
"S&P Global Ratings' stable outlook on Finland-based retail property investment company Citycon Oyj reflects our view of the company's resilient income from its retail property portfolio in Sweden and the growing share of its Norway-based assets. We think income from Sweden and Norway will likely enable the company to cope with weakening demand in Finland and the Baltics. We believe the company should maintain ratios of EBITDA interest coverage above 2.5x and debt to debt plus equity lower than 50% as part of its funding policy and disposals."

Moody’s
"Citycon’s Baa1 long term issuer rating primarily reflects (i) its focus on urban, necessity-driven retail properties in strong and growing metropolitan locations in highly rated countries, (ii) the 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 Nordics’ shopping center market and (iv) a fully unencumbered asset base and good access to capital despite presence of a dominant shareholder."

Rating development