STOCKHOLM (S&P Global Ratings) March 21, 2022--S&P Global Ratings said today that our view of the intermediate equity content on Akelius Residential Property AB's (BBB/Negative/A-2) remaining hybrid capital is unchanged after the company announced a tender offer for up to €350 million of the €1 billion outstanding without replacement, as we expect Akelius to undertake several remedial actions to fully reinstate its credit standing with a repositioned capital structure before second-quarter-end 2022. Akelius' current capital structure includes two hybrid bonds totaling €1 billion, including a €500 million perpetual bond issued in March 2018 (at a 3.875% coupon) with a noncall period until March 2023; and a €500 million bond issued in February 2020 (at a 2.249% coupon) with a noncall
