CITYCON OYJ Investor News 7 November 2025 at 20:10 hrs
On 7 November 2025 S&P Global Ratings (S&P) published that it has decided to downgrade Citycon’s issuer credit rating to B+ and the issue rating on Citycon’s unsecured notes (bonds) to BB-. S&P states that the downgrade is a result of them treating Citycon as a group company of Norstar Holdings Inc., the parent company of G City, post G City’s ownership in Citycon increasing over 50% on 3 November 2025.
Citycon’s portfolio consists of high performing, necessity-based retail assets predominantly in the Nordic and Baltic countries. During Q1-Q3/2025 Citycon had strong operational performance, which was also noted by S&P in their release, including over 95% retail occupancy rate, increasing average rents and continuously growing tenant sales and net rental income.
Citycon has EUR 2.9 billion of unencumbered assets and we are currently engaged in discussions with various lenders on secured loans. We have received indicative term sheets for around EUR 600 million secured loans at 50%-55% loan to value.
CITYCON OYJ
For further information, please contact:
Hilik Attias
CFO
Tel. +358 40 688 8580
hilik.attias@citycon.com
Anni Torkko
Investor Relations Manager
Tel. +358 45 358 0570
anni.torkko@citycon.com
Citycon is a leading owner, manager and developer of mixed-use real estate featuring modern, necessity-based retail with residential, office and municipal service spaces that enhance the communities in which they operate. Citycon is committed to sustainable property management in the Nordic region with assets that total approximately EUR 3.8 billion. Our centres are located in urban hubs in the heart of vibrant communities with direct connections to public transport and anchored by grocery, healthcare and other services that cater to the everyday needs of customers.
Citycon’s shares are listed on Nasdaq Helsinki Ltd.