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Moody's upgrades Fabege rating

Moody's upgraded its long-term issuer rating on Swedish real estate company Fabege AB to Baa2 from Baa3, with the outlook remaining stable.

The upgrade reflects Fabege's progress in improving its liquidity profile by extending its average debt maturity profile and increasing its coverage of short-term cash needs.

The company's "low" effective leverage, as measured by the rating agency's adjusted gross debt/total assets, was about 38% as of June 30, compared with 42.1% when it first assigned the rating in early 2018.

Moody's also attributed the upgrade to Fabege's improved liquidity coverage to 18 months from six months and its increased financial flexibility, which has been made possible by diversifying its funding sources.

It pointed to some risks, including the company's heavy reliance on secured lending and "complexity" from its involvement in the Svensk Fastighets Finansiering used to issue covered bonds.

The rating agency said it expects the company to continue delivering strong operational performance and maintain leverage at mid to high thirty in percentage terms, which will support its current rating.