Standard & Poor’s places Hemsö on creditwatch negative
On June 1, 2021, Standard & Poor's (S&P) updated its rating criteria for "Public & Social Housing Providers". S&P has used this methodology to determine Hemsö's credit rating since 2015. Due to the updated criteria S&P has today decided that Hemsö’s credit rating will no longer be determined using this criteria methodology.
Going forward S&P will apply the criteria methodology ”Key Credit Factors For the Real Estate Industry” to determine Hemsö’s credit rating. S&P will also consider the likelihood of extraordinary support from the Third Swedish National Pension Fund in accordance with their criteria for ”Group Rating Methodology”.
This means that Hemsö has been placed on creditwatch negative where S&P will resolve an updated credit rating within 90 days in accordance with the new rating methodology.
“In March 2021, S&P confirmed Hemsö’s A- rating with stable outlook. Hemsö will now be analyzed according to S&P’s criteria for traditional real estate companies. Our assessment is that Hemsö is a much stronger company compared to a few years ago with a lower operational risk profile and stronger financial ratios. Since March 2021 nothing has occurred that affects Hemsö’s risk profile negatively. Our hope is that the evaluation will be done swiftly to decrease the potential uncertainty for Hemsö’s lenders,” says Rutger Källén, Deputy CEO and CFO at Hemsö.
For further information, please contact
Nils Styf, CEO + 46 8-501 170 01
Rutger Källén, Deputy CEO and CFO + 46 8-501 170 35
This information is information that Hemsö Fastighets AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 18:00 CET on 3 June 2021.
Hemsö is Sweden’s leading private owner of properties for public use. The business is based on sustainably owning, managing and developing properties for nursing home, education, health care and the judicial system. Hemsö has properties in Sweden, Germany and Finland. Our vision is to be the best property company for public services. The hallmarks of Hemsö’s business are long-term leases and stable tenants. The Third Swedish National Pension Fund (AP3) is the majority owner. The total value of Hemsö’s property portfolio is SEK 65.5 billion. Hemsö’s credit rating from Standard & Poor’s has been A- since March 2015 while it has an A+ rating from Fitch Ratings since March 2021. More information can be found at: www.hemso.se
Tags: