Förvaltaren enjoys a highly predictable revenue stream from rental activities. The company has sufficient financial headroom to cope with additional investments on its existing housing stock while developing new residential units. We are affirming our 'AA-/A-1+' and 'K-1' ratings on Förvaltaren. The stable outlook reflects our expectation that a robust and conservative strategy will enable Förvaltaren to maintain non-sales EBITDA margins of about 25% of revenue throughout 2023, contain debt growth, and sustain its strong liquidity position. On Oct. 25, 2021, S&P Global Ratings affirmed its 'AA-/A-1+' long- and short-term issuer credit ratings on Swedish public housing provider Fastighets AB Förvaltaren. The outlook is stable. At the same time, we affirmed our 'K-1' short-term Nordic regional scale rating on Förvaltaren.
