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


As before, the strong rating is based on the high quality of Vasakronan’s property portfolio, a high share of public sector tenants, healthy financial metrics and the strong links to the company’s owners, the First, Second, Third and Fourth Swedish National Pension Funds. Moody’s sees continued strong demand for offices and retail space in Vasakronan’s locations.

Vasakronan is Sweden’s largest 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 165 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 March 2021, Vasakronan’s total liabilities amounted to SEK 73.2 billion with an average loan-to-maturity of 5.2 years. SEK 48.9 billion of the liabilities comprised unsecured bonds denominated in SEK, NOK, EUR, USD, AUD, HKD and JPY. Approximately 80% of these were green bonds.

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

For further information, please contact:

Thomas Nystedt,
Group Treasurer
Tel: +46 (0)70 686 25 41

Rebecca Liljebladh Thorell
Head of Corporate Communications
Tel: +46 (0)70 968 15 81

Om Vasakronan

Vasakronan is Sweden’s largest property company with a portfolio valued at around SEK 165 billion. The portfolio is focused on centrally located office and retail properties in the growth regions of Stockholm, Uppsala, Gothenburg and Malmö. In terms of city retail, Vasakronan is the largest in all regions. The property portfolio comprises 170 properties with a total area of about 2.3 million square metres. The company is owned in equal shares by the First, Second, Third and Fourth Swedish national pension funds. Read more at