The international credit rating agency Fitch Ratings re-confirmed the long-term borrowing rating BB+ with a stable outlook, granted to the real property development and management company Akropolis Group, the leader among shopping and entertainment centres in the Baltics, for the third year in a row.
“The positive assessment from the international credit rating agency confirms that, in spite of challenges faced by the commercial sector in the recent years, Akropolis Group is resilient to the impact of external factors – the Group keeps achieving good financial results and remains a stable and leading participant of the shopping centres market. We aim to continue to be the first choice for our visitors and partners, as well as to further strengthen our positions in the Lithuanian and Latvian market of shopping centres. We hope to continue maintaining a low vacancy rate in the shopping centres we manage and to keep steadily growing the group’s revenue,” comments Nerijus Maknevičius, the CEO and the Chairman of the Board of Akropolis Group.
The credit rating agency Fitch Ratings, deciding to keep the same rating, took into account good financial and operational performance of Akropolis Group, leading positions of the shopping centres managed by the Group in the cities where they operate, also a low rate of vacancies in them.
Akropolis Group was first rated by the international rating agencies S&P Global Ratings and Fitch Ratings in May 2021. In June this year, the international rating agency S&P Global Ratings also re-confirmed BB+ rating with a stable outlook granted to Akropolis Group.
Akropolis Group manages shopping and entertainment centres Akropolis in Vilnius, Klaipėda and Šiauliai, also Akropole Alfa and Akropole Riga in Riga, Latvia.
In June 2021, Akropolis Group successfully placed its debut EUR 300 million 5-year bond issue with 2.875% annual interest. The bonds of the Company are 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 EBITDA amounted to EUR 71.9 million, which is respectively 31% and 26% more than in 2021.
For more information:
Dominykas Mertinas
Head of Marketing and Communications
AKROPOLIS GROUP, UAB
+370 64027001
dominykas.mertinas@akropolis.lt
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