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Citycon OYJ: Announced divestment of two shopping centres is credit positive

The announced divestments are credit positive because we expect the proceeds to be used to reduce debt and improve effective leverage.
Citycon Oyj

Citycon is an active owner, operator and developer of shopping centers. Co. aims to increase its net yield from shopping centers over the long term through active retail property management and systematic redevelopment efforts. Co. is involved in the day-to-day operations of its shopping centers. As of Dec. 31, 2011, Co. owned a total of 36 shoppings centers: 23 in Finland, 9 in Sweden, 3 in Estonia, and one in Lithuania. Co. also owns 43 other retail properties: 36 in Finland and 7 in Sweden and one undeveloped lot in Finland. Co. manages two commercial shopping centers in Finland.

Moody's Investors Service
Moody's Investors Service

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    76,000 structured finance obligations

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