Fitch Ratings reconfirms BB+ credit rating with stability

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The international credit rating agency Fitch Ratings has reconfirmed the BB+ long-term debt rating with a stable outlook, assigned in May 2021 to the real estate management and development company Akropolis Group, a leader in shopping and entertainment centers in the Baltic countries.

“The last few years have been difficult for the shopping center sector – we have faced restrictions imposed during the pandemic, geopolitical unrest and the rise in prices of energy resources caused by it, very high inflation The positive assessment of the international credit rating agency shows that Akropolis Group not only successfully faces emerging challenges, but also resists the impact of external factors – the group continues to achieve good financial results, occupies a stable leading position in the Baltic shopping center market,” says Manfredas Dargužis, CEO of Akropolis Group.

The credit rating agency Fitch Ratings, reconfirming the BB+ credit rating with a stable outlook, considered the good operating results of Akropolis Group, the leading positions of the shopping centers it manages in the cities where they operate, a low vacancy rate in them and a moderate debt/EBITDA ratio. Fitch Ratings rated Akropolis Group for the first time on May 19, 2021.

In the fall of last year, S&P Global Ratings upgraded the outlook of the BB+ credit rating assigned to Akropolis Group to a stable rating and affirmed the BB+ rating with a stable outlook in June this year.

Akropolis Group currently manages Akropolis shopping and entertainment centers in Vilnius, Klaipėda and Šiauliai in Lithuania, as well as Akropole Alfa and Akropole Riga in Riga, Latvia. The Group’s closest plans include the development of the new multifunctional complex Akropolis Vingis in Vilkpėdė district, Vilnius.

Last year, Akropolis Group successfully placed its first €300 million 5-year bond issue with an annual interest rate of 2.875%. Akropolis Group’s bonds are listed on the Nasdaq Vilnius and Euronext Dublin stock exchanges.

For more information:

Dominykas Mertinas
Head of Marketing and Communication Department
AKROPOLIS GROUP, UAB
+370 64027001
[email protected]

  • Akropolis_RAC_August 26, 2022

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