S&P rates Citycon notes BBB-

Standard & Poor's said it assigned a BBB- rating to the proposed euro senior unsecured notes to be issued by Citycon Oyj.

The rating is the same as a BBB- long-term corporate credit rating on Citycon, incorporating the limited structural subordination of the proposed notes to Citycon's existing obligations, S&P said.

The proceeds will be used for refinancing existing debt, the agency said.

The company's BBB- long-term corporate credit rating remains unchanged.

The ratings reflect Citycon's strong business risk profile, underpinned by its large portfolio of retail property assets in Finland and Sweden, which enjoy positive demographic and economic trends compared with large property markets in Europe, S&P said.

The ratings also reflect Citycon's significant financial risk profile, mainly mirroring its debt-protection metrics, the agency said.

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