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


As stated by Moody’s, the strong rating continues to reflect Vasakronan’s position as the largest office real estate company in Sweden. The rating also incorporates Vasakronan’s dominant position in terms of high asset quality and significant exposure to government and public sector tenants. Moody’s also expect continued strong occupier demand for the company’s properties and robust investor appetite for Swedish commercial real estate.

In addition, Moody’s state that the rating action balances good rental growth, a very strong liquidity profile and good access to bank financing and bond markets. Moody’s highlight the likelihood of extraordinary government support via the strong links to the company’s owners, the First, 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 175 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 2024, Vasakronan’s total liabilities amounted to approximately SEK 77 billion with an average loan-to-maturity of 5.2 years. SEK 54 billion of the liabilities comprised unsecured bonds denominated in eight currencies. Of these bonds, approximately 86% were green bonds.

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)72 222 15 09


Thomas Nystedt

Thomas Nystedt

Fotograf: Gustav Kaiser

Om Vasakronan

Vasakronan is Sweden’s leading property company with a portfolio valued at around SEK 175 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 167 properties with a total area of about 2.4 million square metres. The company is owned in equal shares by the First, Second, Third and Fourth Swedish national pension funds. Our assignment is to generate a high, risk-weighted return. Though never at the expense of the environment and people. Read more at