S&P rates Akelius notes BB+

Standard & Poor’s said it assigned a BB+ long-term issue rating to the existing 1.5 billion in Swedish krona four-year senior unsecured notes issued by Akelius Residential Property AB in April.

The BB+ issue rating reflects a one-notch deduction from the BBB- issuer credit rating on Akelius, S&P said.

The agency said it estimates the percentage of net operating income derived from unencumbered assets will be less than 50% over the next year, placing senior secured debt ahead of senior unsecured debt in terms of priority.

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