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

Moody’s highlighted in particular the company’s high proportion of environmentally certified properties in its analysis. In addition to lower operating expenses, Moody’s notes that environmentally certified properties ensure the long-term attractiveness and competitiveness of the property portfolio. As of 31 December 2022, 93% of our investment portfolio was environmentally certified, of which 88% was rated LEED Gold or higher.

Vasakronan is Sweden’s leading property company and one of the largest issuers in the Swedish and Norwegian capital markets. The market value of the property portfolio totals around SEK 188 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 2022, Vasakronan’s total liabilities amounted to approximately SEK 77 billion with an average loan-to-maturity of 5.7 years. SEK 54 billion of the liabilities comprised unsecured bonds denominated in eight currencies. Of these bonds, approximately 85% were green bonds.

Click here to access the full Vasakronan Credit Opinion from Moody’s.

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