Moody’s lowers Citycon

Moody’s Investors Service said it downgraded to Baa2 from Baa1 the long-term issuer rating on Citycon OYJ and the senior unsecured bond ratings on Citycon Treasury BV.

The outlook is negative.

"Today's actions reflect the fact that Citycon's effective leverage, as measured in terms of Moody's gross debt to total assets, has not reduced to around 40%,” Maria Gillholm, Moody's vice president, senior credit officer and lead analyst for Citycon, said in a news release.

“This is due to slower than expected planned divestments and large investments in extensions and redevelopments of some shopping centres."

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