Embattled Landlord SBB Plunges Further Into Junk Territory
- Shares in SBB have plunged more than 90% from 2021 peak
- SBB Founder Ilija Batljan was removed as CEO last week
The building housing the headquarters of SBB in Stockholm.
Photographer: Jonas Ekblom/BloombergThis article is for subscribers only.
The company at the center of Sweden’s property crisis was sent even further into junk territory by S&P Global Ratings, a move that will worsen the already severe funding crunch for the troubled landlord.
Samhallsbyggnadsbolaget i Norden AB — or SBB, as it’s more commonly known — was cut in a double downgrade to BB- and placed on negative watch. A lower credit rating translates into higher borrowing costs and moves the company even further from the high-grade investors that helped finance an $8 billion debt pile.