We forecast that public housing provider Framtiden will stabilize its S&P Global Ratings-adjusted EBITDA margins through multi-year rent settlements. We anticipate capital expenditure in both existing stock and new development will pick up in coming years as market conditions and financial metrics improve. Margins remain sensitive to increased costs, which could come from additional maintenance spend, or higher-than-expected growth in utility fees. We therefore affirmed our 'AA-/A-1+' long-and short-term issuer credit ratings on Framtiden and maintained the negative outlook. On Oct. 29, 2024, S&P Global Ratings affirmed the 'AA-/A-1+' long- and short-term issuer credit ratings on Förvaltnings AB Framtiden (Framtiden). The outlook is negative. We also affirmed our 'K-1' Nordic regional scale rating. The negative outlook reflects the risk that
