Sweden-based Heimstaden Bostad AB is assessing measures including “a potential capital injection to ensure ongoing adherence” with its BBB rating at S&P Global Ratings, Chief Executive Officer Helge Krogsbol said in the company’s second-quarter report.
The landlord posted a net loss of 6.8 billion kronor for the second quarter, largely driven by write-downs in its property portfolio — which also increased the loan-to-value ratio to 54.4%. The company’s interest coverage ratio — a key metric signaling its ability to service debt — shrank to 2.4 times from 4 times a year earlier.
“To adapt to the current market circumstances, we have thoroughly reviewed and updated our financial policy,” the company said, adding that it remains “committed to an investment grade rating.” In April, Alecta wrote down its holding in Heimstaden Bostad by 3 billion kronor amid a real estate crisis in Europe that counts Sweden as its epicenter. Two years ago Heimstaden Bostad was crowned one of the biggest landlords in Europe after using a mix of debt and equity to buy a portfolio of assets worth 92.5 billion kronor.
Source: News Formal (newsformal.com)
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