21/11/2023 Monitoring note EN
Tender offer of Samhällsbyggnadsbolaget i Norden AB
Scope understands that purchases under the tender offer will be done without curtailing the liquidity needed to address upcoming maturities.
18/9/2023 Rating announcement EN
Scope downgrades SBB’s issuer rating to CCC under review for a developing outcome
Weaker leverage and interest coverage, slow progress on the strategic review, liquidity and governance concerns and the dependence on asset sales to fund short-term debt obligations drive the downgrade.
28/6/2023 Rating announcement EN
Scope downgrades SBB’s issuer rating to BB-; still under review for possible downgrade
The drivers of the downgrade are: deteriorating interest coverage; restricted access to capital and investment markets paired with SBB’s dependence on asset sales to fund short-term debt obligations; and limited visibility on the future portfolio.
7/6/2023 Rating announcement EN
Samhällsbyggnadsbolaget I Norden AB downgraded to BBB-, placed under review for possible downgrade
The downgrade is driven by weaker interest coverage due to bond step-ups and the higher finance costs expected in the wake of SBB’s strategic review. The under-review status reflects uncertainty caused by the possible sale of all or part of SBB.
9/12/2022 Rating announcement EN
Scope affirms BBB rating of Samhällsbyggnadsbolaget i Norden AB changes Outlook to Stable
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
16/11/2022 Rating announcement EN
Scope affirms BBB rating of Samhällsbyggnadsbolaget i Norden AB, changing Outlook to Negative
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.
13/10/2022 Monitoring note EN
Scope Ratings removes ratings on three corporate bonds
Scope has removed the ratings on the following bonds: SE0014965919, SE0013042611, SE0013234531.
12/11/2021 Rating announcement EN
Scope assigns first-time rating of BBB/Stable to Samhällsbyggnadsbolaget i Norden AB
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.