S&P Global Ratings on May 11 upgraded Swedish investment holding company AB Industrivarden's long-term issuer credit rating and senior unsecured debt to A+ from A.

The outlook is stable.

The agency affirmed the company's short-term issuer credit rating at A-1 and its short-term Nordic regional scale rating at K-1.

The ratings actions came after Industrivarden announced that it has sold part of its shares in SSAB and will use the proceeds of some 3 billion Swedish kronor to reduce its net debt. The stable outlook reflects S&P's view that the company will maintain a loan-to-value ratio below 10%.

As of May 11, US$1 was equivalent to 8.60 Swedish kronor.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.