Moody's updating rating on Entra ASA to Baa3, Stable Outlook

Moody's Investors Service ("Moody's") has changed Entra´s long-term issuer rating to the Investment Grade rating of Baa3, and the outlook is changed to stable.

“The rating action balances weakening credit metrics in particular due to rising interest costs with good rental growth, a solid liquidity profile and limited short term debt maturities”, says Maria Gillholm, Moody’s Lead Analyst for Entra. “The stable outlook factors in the expectation of cash preserving measures and the likelihood of further asset disposals, which should strengthen liquidity further and improve effective leverage”, adds Ms. Gillholm.

“The changed issuer rating does not affect the interest rate on debt for existing loan facilities. We are pleased to see that Moody’s in its rationale highlights Entra’s superior asset quality and our modern and high-quality office property in attractive locations. The Stable outlook for the Investment Grade rating also reflects Entra’s tenant base consisting of mostly government and public tenants with long dated average lease terms and consistently high occupancy rates”, says Sonja Horn, CEO in Entra.