S&P Global Ratings confirmed BB+ rating with a stable outlook for Akropolis Group
Real property management and development company Akropolis Group, the leader among shopping and entertainment centres in the Baltic States, has maintained its credit rating from the international rating agency S&P Global Ratings (S&P).
Having assessed the financial situation of Akropolis Group and the prospects of its key indicators, the S&P agency decided to leave the BB+ credit rating with a stable outlook granted to the company last year.
The report of the rating agency confirms, that Akropolis Group, being one of the core subsidiaries of Vilniaus Prekyba, has successfully handled the challenges of the pandemics period, company’s financial situation is robust, and the managed shopping centres are operating stably and have strong leading positions in the market. The report also states that operational financial results of Akropolis Group will improve thanks to additional income generated by Akropole Alfa, which was acquired last year, and very low vacancy in the managed shopping centres.
The outside look of the international rating agency enables the objective assessment of Akropolis Group’s situation and prospects. The company’s position in the market, as seen by S&P agency should give even more confidence to the company’s team, business partners, and investors of Akropolis Group.
In 2021, Akropolis Group acquired the second shopping centre in Riga – Akropole Alfa – to the portfolio of shopping centres managed by it. The company is also actively working on another major development project – the development of the multifunctional complex Akropolis Vingis in Vilnius.
S&P agency first rated Akropolis Group on 19 May 2021. In October of the same year, the agency reported that it raised the outlook of the long-term credit rating BB+ of Akropolis Group from negative to stable.
In May 2021, the rating agency Fitch Ratings assigned Akropolis Group BB+ long-term issuer rating with a stable outlook.
In June last year, Akropolis Group successfully placed its debut EUR 300 million 5-year bond issue with 2.875% annual interest. In June 2021, Akropolis Group bonds were listed on Nasdaq Vilnius and Euronext Dublin.
For more information:
Dominykas Mertinas
Head of Marketing and Communication Department
AKROPOLIS GROUP, UAB
+370 64027001
dominykas.mertinas@akropolis.lt
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