When it rains it pours

For full transparency, I am politically very far from the Swedish Social Democrats and socialism.

The problems continue for the former Social Democratic political expert at the Ministry of Social Affairs and former CEO of Samhallsbyggnadsbolaget in Norden AB (SBB) Ilija Batljan. This time it is his ownership company that has suffered a downgrade.

Scope Ratings lowers the credit rating for Ilija Batljan's ownership company Ilija Batljan Invest six notches to CCC from BB+.

Ilija Batljan Invest is the largest owner in SBB with 8.3 percent of the capital and 31.6 percent of the votes.

Scope Ratings states as the reason for the downgrade quote "Ilija Batljan Invest's rapidly deteriorating liquidity to insufficient and with it an increased risk of suspension of payment, in addition to deteriorating governance" unquote.

The company's loan-to-value ratio increased from 50% in May 2023 to 91% at the end of August.

Scope Ratings also claims that the latest transactions, which are partly so-called "fire sales" and opportunistic acquisitions, have significantly reduced the market value of the company's holding portfolio.