The affirmation reflects strong and improving credit metrics, stable leading market positions in several non-discretionary product categories in Nordic countries, despite still moderate profitability and geographic diversification.

The affirmation reflects still strong financial metrics despite the margin pressure on consumer products companies driven by cost inflation.

Good competitive positioning in the Nordics, business diversification and still strong financial metrics offset rising inflation pressures and indebtedness.

The issuer rating reflects relatively low industry risk and the company’s leading position in its segments and markets, combined with a strong financial risk profile.