Moody's affirmed Nordic property developer Samhällsbyggnadsbolaget i Norden AB (publ)'s corporate family rating at B1, and changed the outlook to positive from stable.
According to a note, the rating reflects the company's solid, low-risk revenue streams from Swedish residential properties; Nordic community service properties and public tenants; and its diverse tenant base and property portfolio. The company also has a long lease maturity on an almost fully occupied portfolio and good deal-sourcing capabilities.
The outlook reflects Moody's belief that the company's liquidity is improving and that its fixed-charge coverage will come to around 2.0x, as the company slows down its capital markets activity.