The affirmation with a Negative Outlook reflects the increased risk that credit metrics will remain below the level required for the current rating beyond 2025.

The senior secured bond with a first-ranking pledge on the properties ‘Bryggegata 7-9’ and ‘Støperiet’ is assigned a BBB rating.

The senior secured bonds with a first-ranking pledge on the Fondbygget property are assigned a new rating of BBB. In addition, the senior secured bond with a pledge on Drammensveien 60 is assigned a new rating of BBB.

The Negative Outlook is based on a burdened credit profile following recent large property acquisitions.

The affirmation is based on credit metrics that have remained stable despite challenging market conditions.

The rating is driven by high and stable profitability, strong asset quality, and credit metrics that have remained stable throughout significant inorganic growth.