Swedavia, Sweden’s state-owned airport operator, has received an investment-grade credit rating from Moody’s of Baa1.
The company said the “solid” investment-grade rating will provide it with greater flexibility and access to cost-effective financing, as it continues to develop its portfolio of 10 airports.
Swedavia's board of directors has also decided to introduce a cash flow-based capital structure in the form of funds from operations to debt (FFO/debt) target, which will replace its previous debt-to-equity ratio target.
The target level was set at ≥10%, and other financial targets were left unchanged. The new target will be monitored and reported from the fourth quarter of 2025 onwards.
Swedavia finances most of its investments through the capital market and the new target is more market-oriented, the company said.
Also today (November 5) Swedavia has said it is assessing market conditions for a new issuance of Swedish kronor-denominated hybrid capital securities.
The capital is expected to be a perpetual non-call five-year and/or seven-year hybrid capital securities, with a fixed and/or floating interest rate under one or multiple frameworks that is subordinated to Swedavia’s outstanding bonds.
In conjunction with the potential issue of these new securities, Swedavia is offering holders of its outstanding capital securities to tender any or all of their securities for purchase by the issuer for cash.
Securities will be repurchased subject to the terms and conditions described in a tender information document dated November 5, 2025.
Swedavia has mandated Nordea and Skandinaviska Enskilda Banken (SEB) as joint bookrunners for the capital securities issue, and Nordea as dealer manager for the tender offer.
The news comes as Swedavia continues to deliver strong passenger growth across both international and domestic travel.
In October, over 3 million passengers travelled via Swedavia's ten airports - a 5% increase over the same period last year.
At Stockholm Arlanda, Sweden’s largest airport, passenger traffic rose more than 9%, and the airport saw more international travellers than in the corresponding pre-pandemic month in 2019.
“This is a sign of strength, which is positive for the development of aviation and Sweden’s connectivity,” said Jonas Abrahamsson, CEO of Swedavia.