The international rating agency, S&P Global Ratings, has reassessed the performance of the company and other circumstances based on which Akropolis Group, a shopping and entertainment centres management and development company, was previously granted BB+ rating with a stable outlook, and following the review, has affirmed the company’s rating for the third consecutive year.
After analysing Akropolis Group’s financial results, current financial situation and outlooks for key financial indicators, S&P Global Ratings highlighted the Group’s growth in rental income and the positive development of its financial results, as well as the moderate growth in the value of the five shopping and entertainment centres Akropolis managed by the Group in Lithuania and Latvia and decided to uphold the BB+ credit rating with a stable outlook as previously granted to the company.
“The rating by the international rating agency S&P Global Ratings is significant not only for Akropolis Group’s operations but also for our business partners and investors. The credit rating, affirmed for the third year in a row, reflects the stability of our operations, our strong position in the Baltic shopping centre market, and the growth of our results. This confirms that the shopping and entertainment centres managed by the Group are performing well and the Group is generating growing financial results,” comments Nerijus Maknevičius, the CEO and the Chairman of the Board of Akropolis Group.
According to the forecasts in S&P Global Ratings’ rating review report, Akropolis Group should maintain its current debt to debt plus equity ratio and continue to increase rental income over the next 12 to 24 months.
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
+370 64027001
dominykas.mertinas@akropolis.lt
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