Moody’s upgrades Citycon, notes to Baa2

Moody's Investors Service said it upgraded the senior unsecured long-term issuer rating of Citycon Oyj and the instrument rating of its €500 million 3.75% senior unsecured notes due 2020 to Baa2 from Baa3.

The outlook is stable.

"The upgrade of Citycon's issuer rating to Baa2 reflects the company's continuing strong operating performance, with positive levels of consumer confidence in the Nordics and an improving level in Estonia, which should support at least modest growth in retailing and, by extension, Citycon's performance in 2014-15," Lynn Valkenaar, Moody's vice president and lead analyst on the company, said in a news release.

"In addition, Citycon will achieve a significant strengthening of its financial metrics following the application of €300 million of the proceeds from its recent equity raisings (in June and July 2014) to reduce indebtedness."

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