Moody’s affirms Citycon’s investment grade credit rating with an upgraded outlook to stable
Moody’s has today affirmed Citycon’s investment grade credit rating Baa3 with an upgraded outlook to “stable” (previously negative). The main factors for the changed outlook are the exposure to Nordic countries and Citycon’s tenant mix which is heavily focused on grocery anchors and other necessity tenants.
“Our successful strategy and strong Nordic portfolio have demonstrated the strength of the company during the past quarters. Our results have been strong throughout the pandemic, and we have proven both our access to capital markets and the liquidity of our portfolio through the divestments of non-core assets. We are pleased to see that these factors together, which truly differentiate Citycon, are also recognised by the market. We remain committed to our diversification through densification strategy and further strengthening the balance sheet”, says F. Scott Ball, CEO at Citycon.
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Citycon is a leading owner, manager and developer of mixed-use centres for urban living including retail, office space and housing. We are committed to sustainable property management in the Nordic region with assets that total approximately EUR 4.4 billion. Our centres are located in urban hubs with a direct connection to public transport. Placed in the heart of communities, our centres are anchored by groceries, healthcare and services to cater for the everyday needs of customers.
Citycon has investment-grade credit ratings from Moody's (Baa3), Fitch (BBB-) and Standard & Poor's (BBB-). Citycon Oyj’s share is listed in Nasdaq Helsinki.