Moody's downgrades Citycon to Ba1, maintains negative outlook
Moody's Investors Service (Moody's) has today assigned a new long term corporate family rating (CFR) of Ba1 to Citycon OYJ ("Citycon") and subsequently downgraded its junior subordinated notes to Ba3 from Ba2 and concurrently downgraded the backed senior unsecured MTN programme to (P)Ba1 from (P)B...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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