Moody's upgrades Kungsleden

Moody's Investors Service said it upgraded Kungsleden AB and assigned a long-term issuer rating of Baa3.

Moody's also said it withdrew Kungsleden's corporate family rating of Ba1 following its upgrade to Baa3 as part of the agency's practice for companies with investment-grade ratings.

The outlook also was changed to stable from positive.

The upgrades reflect Kungsleden's continued focus on improving asset quality through acquisitions and redevelopment of properties, increasing exposure toward its four focus cities that are benefitting from a currently positive economic environment and strong property fundamentals, Moody's said.

The re-building of its portfolio has been done while maintaining a fairly conservative financial profile, the agency said.

Kungsleden's successful strategy execution over the last few years provides comfort that credit metrics will continue to gradually strengthen over the next quarters, Moody's said.

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