We forecast that Förvaltnings AB Framtiden (Framtiden) will experience continued pressure on its S&P Global Ratings-adjusted EBITDA margins as rent settlements are not fully compensating the effects of inflation. We anticipate new developments will remain subdued in the near term, as building costs and interest rates limit their profitability. We therefore revised the outlook to negative from stable and affirmed our 'AA-/A-1+' long-and short-term issuer credit ratings on Framtiden. The negative outlook reflects the risk that Framtiden's financial metrics could structurally weaken due to a limited ability to compensate inflation with rental increases, which could pressure its adjusted EBITDA margin and interest coverage. On Oct. 26, 2023, S&P Global Ratings revised the outlook on the 'AA-' long-term issuer credit rating
