Moody’s upgrades Sagax

Moody's Investors Service said it upgraded AB Sagax by assigning a long-term issuer rating of Baa3.

This concludes the review for upgrade opened on Aug. 29.

Concurrently, the agency withdrew Sagax's corporate family rating of Ba1.

The Baa3 rating of the recently issued €500 million bonds due 2024 is unaffected.

The outlook is stable.

"The upgrade to Baa3 reflects the successful placement of a €500 million bond whose proceeds will be used to substantially increase the unencumbered asset ratio, lengthen the debt maturity profile, and further strengthen the company's fixed charge coverage ratio," Maria Gillholm, Moody's vice president, senior credit officer and lead analyst for Sagax, said in a news release.

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