Swedish Landlord SBB Downgraded by Fitch, May Be Cut by S&P

SBB, the landlord at the center of Sweden’s property crisis, saw its credit rating cut two notches by Fitch Ratings and may face another cut to “selective default” by S&P Global Ratings.

Fitch downgraded the senior unsecured debt rating of Samhallsbyggnadsbolaget i Norden AB, as it is otherwise known, to CCC+ from B due to increased property disposals and tight liquidity, the credit evaluator said in a statement on Tuesday. S&P placed the company on watch for a possible downgrade to selective default, according to a separate statement.