S&P places SBB on negative watch

S&P said it placed its ratings for Samhallsbyggnadsbolaget i Norden AB (SBB), including its CCC+ senior unsecured and C subordinated ratings, on CreditWatch with negative implications.

SBB announced a voluntary tender offer of up to €600 million across all its euro-denominated hybrid and senior unsecured bonds maturing between 2024 and 2040.

“The negative CreditWatch reflects the likelihood that we may view the transaction as tantamount to default,” S&P said in a press release.

The agency said aims to resolve the CreditWatch placement after SBB announces the offer results.

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