Public Property Invest (PPI) has received a preliminary credit rating of BBB (expected) from Fitch. This follows the company's recent announcement that it will issue a EUR 300 million unsecured bond, according to a press release.

At the same time, PPI's long-term issue rating BBB- has been set to "positive outlook" ahead of the finalization of the bond issue.

The final rating is dependent on documentation from the PPI and that the bond will be in the order of at least EUR 300 million.

PPI's portfolio of community properties is valued at NOK 9.9 billion and is largely leased to the public sector.

The stable rental income is tied to the Norwegian government and reflects a low risk, it says.

In addition, it has a low debt/equity ratio with net debt at 7.8 times ebitda in Q3 2024 and a loan-to-value ratio of 45 percent of the property value.