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2022-08-26

Fitch Ratings re-confirmed BB+ credit rating with a stable outlook for Akropolis Group

The international credit rating agency Fitch Ratings re-confirmed the long-term borrowing rating BB+ with a stable outlook, granted in May 2021 to the real property management and development company Akropolis Group, the leader among shopping and entertainment centres in the Baltics.

“The last years have been challenging for the shopping centres sector – we have faced restrictions imposed during the pandemic, geopolitical unrest and rising prices of energy resources caused by it, a very high inflation. The positive assessment from the international credit rating agency shows that Akropolis Group not just successfully tackles the emerging challenges but is also resilient to the impact of external factors – the Group keeps achieving good financial results, holds a stable leading position in the market of the Baltic shopping centres,” Manfredas Dargužis, the CEO of Akropolis Group, says.

The credit rating agency Fitch Ratings, re-confirming the BB+ credit rating with a stable outlook, considered the good operating results of Akropolis Group, leading positions of the shopping centres managed by it in the cities where they operate, a low rate of vacancies in them and a moderate debt-to-EBITDA ratio. Fitch Ratings first rated Akropolis Group on 19 May 2021.

In the autumn last year, S&P Global Ratings improved the outlook of the credit rating BB+ given to Akropolis Group to a stable one and had confirmed the BB+ rating with stable outlook in June this year.

Akropolis Group currently manages shopping and entertainment centres Akropolis in Vilnius, Klaipėda and Šiauliai in Lithuania, also Akropole Alfa and Akropole Riga in Riga, Latvia. The nearest plans of the Group include the development of the new multifunctional complex Akropolis Vingis in Vilkpėdė district, Vilnius.

Last year, Akropolis Group successfully placed its debut EUR 300 million 5-year bond issue with 2.875% annual interest. The bonds of Akropolis Group are listed on Nasdaq Vilnius and Euronext Dublin stock exchanges.

 

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