Results of Akropolis Group’s shopping centres grow - in the first half of this year, they welcomed almost 21 million visitors, whereas the turnover of tenants exceeded EUR 543 millionMore
S&P Global Ratings confirmed BB+ rating with a stable outlook granted to Akropolis Group
The international rating agency S&P Global Ratings (S&P), having performed a regular review of the rating it granted, kept the same rating previously given to the real estate management and development company Akropolis Group, leader among shopping and entertainment centres in the Baltic States.
Having assessed the financial situation of Akropolis Group and the prospects of its key financial indicators, the S&P agency decided to keep the BB+ credit rating with a stable outlook granted to the company.
“S&P Global Ratings’ decision once again confirmed the firm position that Akropolis Group holds in the Baltic market of shopping centres. Foreign financial experts note that the financial standing of the company remains solid, and the debt-to-asset ratio is good. The five major shopping and entertainment centres managed in Lithuania and Latvia attract big visitor traffic, and the tenants’ sales keep growing despite economic and geopolitical challenges,” comments Nerijus Maknevičius, the CEO and the Chairman of the Board of Akropolis Group.
According to him, the assessment by the international rating agency is significant not only for Akropolis Group but also for its business partners and investors, as they can refer to a third-party objective assessment of the business situation and prospects of the group. It is noted in the rating review report that during the coming 12 months the company is expected to keep the adequate liquidity reserve and increase its rental income.
Akropolis Group was first rated by the international rating agencies S&P Global Ratings and Fitch Ratings in May 2021.
In June 2021, Akropolis Group successfully placed its debut EUR 300 million 5-year bond issue with 2.875% annual interest. The bonds of Akropolis Group are currently listed on Nasdaq Vilnius and Euronext Dublin stock exchanges.
Based on the audited consolidated financial data, Akropolis Group earned rental income of EUR 75.1 million last year, and its earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to EUR 71.9 million, which is respectively 31% and 26% more than in 2021.
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