Moody’s affirms Vasakronan’s rating of A3, stable outlook

In addition, Moody’s state that the rating action reflects Vasakronan’s robust financial performance in line with expectations, underpinned by very strong liquidity with well established access to capital markets, supported by a proven track record across market cycles, including periods of stress. Moody’s also highlight the likelihood of extraordinary government support via the strong links to the company’s owners, the Second, Third and Fourth Swedish national pension funds.

Vasakronan is Sweden’s leading property company and the largest government-related issuer (GRI) in the Swedish and Norwegian capital markets. The market value of the property portfolio totals around SEK 182 billion. The company’s financial objective is to have as diversified a financing structure as possible, both in terms of tenors and sources of funding. Since the rating was acquired in 2018, financing activities have broadened further toward new bond investors in Europe and Asia.

As of 31 December 2025, Vasakronan’s total liabilities amounted to approximately SEK 75 billion with an average loan-to-maturity of 4.4 years. SEK 51 billion of the liabilities comprised unsecured bonds denominated in seven currencies. Of these bonds, approximately 90% were green bonds.