Moody's upgrades Sagax to Baa2, outlook stable

Moody's Investors Service said it upgraded AB Sagax's long-term issuer rating to Baa2 from Baa3, the ratings on the backed euro medium-term note program to (P)Baa2 from (P)Baa3 of Sagax Euro MTN AB, Sagax Euro MTN NL BV and the senior unsecured bond rating to Baa2 from Baa3. The outlook was changed to stable from positive for all three entities.

"The upgrade to Baa2 reflects Sagax continued strong operating and financial performance driven by a focused investment strategy in urban logistics and light industrial assets with close proximity to bigger cities," said Maria Gillholm, Moody’s lead analyst for Sagax, in a press release.

"A growing rental income supported by a recent equity increase supported a strengthening of the company's credit metrics, which we expect to be sustained going forward. In addition, Sagax relatively solid liquidity profile with an extended debt maturity schedule supports the current rating, "Gillholm added.

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