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

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

The international credit rating agency Fitch Ratings has reviewed and re-confirmed the long-term BB+ credit rating with a stable outlook, granted to the shopping and entertainment centres management and development company Akropolis Group, which was first granted to the company in 2021.

“The positive assessment from the international credit rating agency once again is a testimony of the business stability and firm position that Akropolis Group holds in the Baltic market of shopping centres. That is significant not only for our Group, but also for our business partners and investors. We seek to further strengthen our positions in the Lithuanian and Latvian markets of shopping centres, maintaining a low vacancy rate in the shopping centres managed by the company and steadily growing the Group’s revenue,” comments Nerijus Maknevičius, the CEO and the Chairperson of the Board of Akropolis Group.

The credit rating agency Fitch Ratings, having analysed financial performance of Akropolis Group, the current financial situation of the company and the prospects of its key financial indicators, decided to re-confirm the BB+ credit rating with a stable outlook. The credit rating report notes a strong financial position of the company and its moderate level of debt. The report also notes growth of rental income in 2023 and its further growth expected this year, growing shopping centres visitor footfall followed by the rise in tenants’ turnover, as well as a low vacancy rate of rented premises.

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 84 million last year, and its earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to EUR 83.1 million, which is respectively 12% and 16% more than in 2022.

For more information:
Dominykas Mertinas
Head of Marketing and Communications
AKROPOLIS GROUP, UAB
[phone]
[e-mail]

Attachment

• Fitch Ratings Akropolis 'BB+', Outlook Stable, 16 Jul 2024