Moodys has today assigned a first-time Baa2 long-term issuer rating to Olav Thon
Eiendomsselskap ASA. The outlook of the rating is stable. Nordea has been
engaged as advisor in the rating process. 

"Olav Thon Eiendomsselskap ASA's Baa2 rating reflects it being part of the
larger Olav Thon Gruppen, with the ultimate holding company, a trust, supporting
the long-term success of its investments. The rating further reflects its
position as the largest shopping center operator in Norway, where it has enjoyed
good operating metrics before the pandemic but also showed resilience during the
pandemic. 

The rating is further supported by low effective leverage of well below 40%
debt/assets and net debt/EBITDA below 9x", says Maria Gillholm a Moody's VP -
Senior Credit Officer and lead analyst for Olav Thon Eiendomsselskap ASA.

The rating is expected to further increase the group's access to financing in
both the Norwegian and international capital markets.
 
The rating report from Moody's will be published after the presentation of the
Q4 report on February 18. 

For Olav Thon Eiendomsselskap ASA
Arne B. Sperre 
E.V.P Finances
Tel: +47 926 97 622

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