Evolution from stable to negative, as expected (see RATING.REPAIR): Ilija Batljan Invest AB (IB Invest) is a Swedish holding company with a dominant core holding in SBB i Norden. SBB i Norden is a real estate company or an entity involved in real estate investments. The company has recently proposed postponing its dividend payments, leading to increased uncertainty for IB Invest. As a result, Scope Ratings GmbH has changed the Outlook of IB Invest to BB+/Negative from BB+/Stable.
The postponement of dividends by SBB i Norden is expected to temporarily reduce IB Invest’s total cost coverage (TCC) to below 1x in 2023. However, Scope expects the TCC to increase and surpass 2022 levels, balancing itself over the period of 2023-2024. The proposed dividend postponement is seen as a significant action, and the change in payment schedule affects the previously perceived dividend policy of SBB i Norden, thus increasing uncertainty.
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^^^ RATING EVIDENCE GmbH 
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