On 6 April 2023, S&P Global Ratings assigned the ‘MM5’ mid-market evaluation (MME) rating to Baltic Horizon Fund (the “Fund”). The indicative corresponding rating between the MME rating scale of ‘MM5’ to the global rating scale is ‘B / B+’. The initial rating ‘MM3’ was assigned to the Fund in April 2018 in connection with the issue of bonds maturing on 8 May 2023.

S&P Global Ratings expects a weakening in the credit metrics of the Fund given worsening economic conditions, tightening lending conditions and capital markets volatility. The rating agency expects the Fund’s occupancy rates and operational performance to remain relatively stable or slightly increase over the next two years.

The Fund’s Management team is finalizing a bond refinancing solution that will be announced this month. It should address the uncertainties raised by S&P Global Ratings in its mid-market evaluation report.

For additional information, please contact:        

Tarmo Karotam
Baltic Horizon Fund manager
E-mail tarmo.karotam@nh-cap.com

Baltic Horizon Fund is a registered contractual public closed-end real estate fund managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS.

Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com