The Outlook change to Stable from Negative reflects an expected improvement in credit metrics following the spin-off of an education portfolio into a joint venture

The ratings affirmation is driven by the company's low-risk business model. The revised Outlook reflects a deterioration in credit metrics and uncertainty in the portfolio cleanup in a weakening market environment.

The ratings are driven by the Swedish real estate company’s low-risk business model, with strong asset quality and excellent tenants providing stable, predictable cash flows.