We forecast that Swedish public housing provider Fastighets AB Forvaltaren (Forvaltaren) will ramp up its capital expenditure (capex), leading to weaker liquidity. At the same time, we believe that Forvaltaren will slightly strengthen its EBITDA margins, which will help contain debt-funding needs for said capex. We affirmed our 'AA-' long-term and 'A-1+' and 'K-1' short-term issuer credit ratings on Forvaltaren. The outlook is stable. On Oct. 27, 2025, S&P Global Ratings affirmed its 'AA-/A-1+' long- and short-term foreign and local currency issuer credit ratings on Fastighets AB Forvaltaren (Forvaltaren). The outlook is stable. We also affirmed the 'K-1' short-term Nordic regional scale rating on Forvaltaren. The stable outlook reflects our view that Forvaltaren's management will be able to uphold the
