Steen & Strøm is the first Norwegian real estate company to receive a public credit rating from an international credit rating company, and has been assigned an A- rating, indicating a highly creditworthy company.
For the first time in the company’s history, Steen & Strøm has received an official credit rating, and is thus the first Norwegian real estate company to receive such an assessment. The reputable credit rating agency S&P rate the company A- with a stable outlook.
In its analysis, S&P emphasize that Steen & Strøm has a strong portfolio with large, modern shopping centers and a leading market position in Scandinavia. The credit rating is also substantiated by the company’s conservative financial risk profile as well as solid ownership and strong integration with the main owner Klépierre, who also has the assessment A- from S&P.
It is anticipated that the new rating will further improve the attractiveness of Steen & Strøm in the capital markets, and thus have a positive effect on the company’s funding cost.
Steen & Strøm is an assertive, professional, business-oriented and profitable owner, developer and commercial operator of 18 leading shopping centers located in attractive areas of trade in Scandinavia. Steen & Strøm is owned by the Dutch Pension Fund APG (43.9%) and the French shopping center group Klépierre (56.1%). The property portfolio has a value of EUR 3.7 billion.
August 15 2017