Moody's affirms Baa3 issuer rating of Citycon OYJ; outlook changed to negative
Moody's Investors Service ("Moody's") has today affirmed the Baa3 long-term issuer rating and Ba2 junior subordinated rating of Citycon OYJ ("Citycon") and concurrently the backed senior unsecured MTN programme rated (P)Baa3 and the Baa3 rated backed senior unsecured bonds of Citycon Treasury B.V., ...Citycon is an active owner, operator and developer of shopping centers. Co. aims to increase its net yield from shopping centers over the long term through active retail property management and systematic redevelopment efforts. Co. is involved in the day-to-day operations of its shopping centers. As of Dec. 31, 2011, Co. owned a total of 36 shoppings centers: 23 in Finland, 9 in Sweden, 3 in Estonia, and one in Lithuania. Co. also owns 43 other retail properties: 36 in Finland and 7 in Sweden and one undeveloped lot in Finland. Co. manages two commercial shopping centers in Finland.
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