Published: 2013-05-10 13:30:00 CEST
Citycon Oyj
Company Announcement

Citycon Received an Investment Grade Credit Rating from Standard & Poor’s

CITYCON OYJ Stock Exchange Release 10 May 2013 at 14.30 hrs

On May 10, 2013, Standard & Poor's Rating Services (S&P) assigned its investment grade level 'BBB-' long-term and 'A-3' short-term corporate credit ratings to Citycon Oyj. The outlook is stable. The rating reflects S&P’s assessment of Citycon's business risk profile as "strong" and its financial risk profile as "significant" according to S&P’s criteria.

Marcel Kokkeel, CEO of Citycon Oyj comments: “We are pleased to obtain this investment grade credit rating. The decision by S&P is an acknowledgement of Citycon’s solid business model for creating recurring cash flow growth. The investment grade rating is another milestone for the company, encouraging us to continue to improve our platform of urban, grocery-anchored shopping centres in the Nordic and Baltic regions.”

Eero Sihvonen, Executive Vice President and CFO comments: “Following our recent strategic equity raise, which was carried out to de-gear the company permanently and to give us the flexibility to continue implementing our business plan, we are now pleased to have received this investment grade credit rating from S&P. Not only is it an important quality stamp, but it will also improve our access to debt capital markets, thereby helping us to diversify our debt financing sources.”

Link to S&P’s original report:
Finland-Based Retail Real Estate Investment Company Citycon Oyj Assigned 'BBB-/A-3' Ratings; Outlook Stable

 

Helsinki, 10 May 2013
 

CITYCON OYJ
Marcel Kokkeel
CEO

For further information, please contact:

Eero Sihvonen, Executive Vice President and CFO
Tel. +358 20 766 4459 or +358 50 557 9137
eero.sihvonen@citycon.fi


Marcel Kokkeel, CEO
Tel. +358 20 766 4521 or +358 40 154 6760
marcel.kokkeel@citycon.fi

Distribution:
NASDAQ OMX Helsinki
Major media
www.citycon.com