...Business Risk: Strong Financial Risk: Significant + Globally well-diversified income-producing property portfolio with real estate in large metropolitan cities where demand outpaces supply and real estate prices are rising. + Large asset portfolio of approximately Swedish krona (SEK) 105 billion (approximately 10.6 billion), spread across 47,000 apartments with a large tenant base. + Strong operational track record, with like-for-like rental income growth of 5.1% in 2017, as well as a high and stable occupancy rate of about 99%, excluding vacant premises for renovation purposes. + Relatively high debt to debt plus equity compared to peers at the same rating level, at about 50% to 55% including our adjustments for preference shares. + Relatively low EBITDA interest coverage compared with peers, at about 1.6x, as a result of the low-yield environment and prime residential assets, as well as a relatively high cost base and our treatment of the preference shares as 50% debt. + Good access to...
