Credit ratings up close: Transparency, pressure and strategy in focus
At Treasury 360° Nordic 2025, a panel moderated by Mikael Busch of Fitch Ratings explored the real motivations behind obtaining a credit rating, and what the process actually looks like from within.
Helena Lindahl, Treasury Director at Samhällsbyggnadsbolaget i Norden AB (SBB), spoke candidly about navigating a challenging credit environment. “Creditors need visibility,” she said. “A rating, especially from more than one agency, serves as a transparent, independent assessment that supports credibility with banks, hedge funds, and private credit investors.”
Despite SBB’s downgrade to CCC, Lindahl underscored the value of maintaining agency relationships. “It wasn’t about quality,” she said of the decision to discontinue one of three ratings. “It’s simply about allocating resources efficiently.” She also challenged the idea that ratings only matter when a company is investment grade: “It’s actually more important when you’re not investment grade,” she said. “when the times get difficult, it’s more important to keep the rating and to have that transparency tool versus the credit market.”
Cost reduction
Ken Lagerborg of Atlas Copco reflected on switching from Moody’s to Fitch in 2014 after years of rising costs. “We spoke to many major investors in the US and Europe,” he said. According to Lagerborg, the auditteam that was presented with the idea was hesitant at first, because Finch was not that broadly used yet in Sweden. But with the green light from them and with the help of banks, he got contacts. “I made five verbal reference checks in Europe and nine in the US, big investors. The conclusion was that as long as it was like the big four, no one really cared.” The board approved and the switch was announced in December 2014.
External view
Lastly, Fredric Liljestrand of Fitch explained how the rating process works. “We typically take four to six weeks,” he said. “And most Nordic corporates, especially listed ones, are well prepared. They already have the data we need.”
“I think it’s fair to say that companies, even if the outcome doesn’t go their way or the way they had expected, are happy to get an outside perspective of the risk they’re taking on and get that external view.”, concluded Liljestrand.
Moderator:
Mikael Busch, Senior Director, BRM, Fitch Ratings
Panellists:
Helena Lindahl, Treasury Director, Samhällsbyggnadsbolaget i Norden AB (SBB)
Ken Lagerborg, VP, Atlas Copco Financial Solutions
Fredric Liljestrand, Head of Nordic Corporate Ratings, Fitch Ratings
• News from Treasury 360° Nordic 2025, at Stockholmsmässan on 22 May, is gathered here.
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