We forecast that Swedish public housing provider Fastighets AB Förvaltaren (Förvaltaren) will ramp up its capital expenditure (capex) as market conditions for new development improve, which will push up its debt financing needs. At the same time, we believe that Förvaltaren will stabilize its S&P Global Ratings-adjusted EBITDA margins at higher than previously expected levels, helped by receding inflation. We therefore affirmed our 'AA-/A-1+' long- and short-term issuer credit ratings on Förvaltaren. The outlook is stable. On Oct. 23, 2024, S&P Global Ratings affirmed its 'AA-/A-1+' long- and short-term foreign and local currency issuer credit ratings on Fastighets AB Förvaltaren (Förvaltaren). The outlook is stable. We also affirmed the 'K-1' Nordic regional scale rating on Förvaltaren. The stable outlook reflects
