Standard & Poor's affirms Citycon's investment grade credit rating with an upgraded outlook to stable - marking the third major agency to provide a stable outlook

HELSINKI, June 22, 2021 /PRNewswire/ -- Standard & Poor's has affirmed Citycon's investment grade credit rating BBB- with an upgraded outlook to "stable". The stable outlook reflects Citycon's grocery-anchored retail property portfolio, which allows stable cash flows and sufficient headroom for its credit metrics.

"The outlook upgrade demonstrates the resilience of our necessity-based urban hubs, the stability of our markets, and positive view towards our transformation toward more residential /mixed use portfolio. The strength of Citycon's strategy has been validated not only by stable financial and operational results, but also through successful capital recycling and financing transactions. Following this outlook upgrade Citycon has an investment grade credit rating with a stable outlook from all three major credit agencies. Going forward, we remain committed to our diversification through densification strategy and having a strong balance sheet," says F. Scott Ball, CEO at Citycon.

Citycon is a leading owner, manager and developer of mixed-use centres for urban living including retail, office space, and housing. We are committed to sustainable property management in the Nordic region with assets that total approximately EUR 4.4 billion. Our centres are located in urban hubs with a direct connection to public transport. Placed in the heart of communities, our centres are anchored by groceries, healthcare, and services to cater for the everyday needs of customers.

Citycon has investment-grade credit ratings from Moody's (Baa3), Fitch (BBB-), and Standard & Poor's (BBB-). Citycon Oyj's share is listed in Nasdaq Helsinki. For more information visit www.citycon.com