Nordic Credit Rating AS’ BBB- (Triple B Minus) long-term issuer rating on Platzer Fastigheter Holding AB (publ) is unchanged following the publication of its third-quarter results.
Platzer’s revenues for the third quarter were broadly in line with expectations of Nordic Credit Rating (NCR), and some 6% higher than the corresponding quarter of 2020. The company’s NCR-adjusted EBITDA margin remained stable at 71.7%, compared with 71.9% in the corresponding quarter of 2020 and above NCR’s expectation of around 70% over our forecast period through 2023.
As of 30 Sep. 2021, Platzer’s NCR-adjusted loan-to-value (LTV) ratio was 47.5%, while its NCR-adjusted net debt/EBITDA was 13.9x, in line with the rating agency’s previously forecast figures. NCR’s view of financial risk remains unchanged, reflecting the rating analysts’ expectations that financial gearing will remain at around current levels over the near term.