Storskogen Group AB: Moody's changes Storskogen's credit rating
Moody's Investors Service ("Moody's") has today announced its downgrading of Storskogen Group AB's credit rating (corporate family rating) from Ba1 to Ba3, and that the rating remains on review for downgrade.
As communicated at Storskogen's Capital Markets Day in September 2022, and in the interim report for the third quarter, Storskogen is actively working to improve cash flow and to decrease its net debt/equity ratio (defined as interest-bearing net debt/adjusted RTM EBITDA).
"Our current net debt/equity ratio is within our target range of 2-3x. We have the ambition of decreasing the net debt/equity ratio towards the lower end of the range, in order to strengthen our balance sheet. Storskogen's liquidity is good and there is no need for refinancing during 2023, which makes us confident with our financial position", says Lena Glader, CFO, Storskogen.