Moody's shifts Sagax outlook to positive

Moody's Investors Service said it changed the outlook to positive from stable and affirmed AB Sagax long-term issuer rating of Baa3.

Concurrently, Moody's affirmed the ratings on the euro medium term note program of (P)Baa3, the backed Sagax Euro MTN AB, Sagax Euro MTN NL BV and the senior unsecured bond rating at Baa3.

"The ratings affirmation and the change of outlook to positive reflects the continued strong operating, and financial performance supported by the increasing demand for fast delivery into cities, which has created some tailwind for its assets. At the same time, Sagax strategy and its focus to invest in urban logistics and light industry has proven to be successful, as evidenced by a solid operating performance and continued asset value appreciation,” said Maria Gillholm, a Moody's vice president, senior credit officer and lead analyst for Sagax, in a press release.

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