S&P affirms SBB

S&P said it affirmed its BB long-term issuer credit rating on Samhällsbyggnadsbolaget i Norden AB (SBB).

The outlook is stable.

The agency said the affirmation follows SBB's amendment of the documentation on its hybrid existing instrument, which results in S&P’s revision of the equity content of the instrument from low, fully treated as debt, to intermediate, treated as 50% debt and 50% equity.

“That said, this impact remains modest at this stage, and SBB's credit metrics remain commensurate with the current rating level,” S&P said in a news release.

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