Scope Affirms Summus Capital OÜ’s Issuer Rating at BB/Stable

Scope Ratings GmbH (Scope) has affirmed its BB/Stable issuer rating for Summus Capital OÜ (Summus) and maintained the BB rating for its senior unsecured debt. The affirmation reflects Scope’s expectation that Summus’ property portfolio will continue to generate stable income despite economic challenges.

Summus’ portfolio produced EUR 30 million in net annual rental income in 2023, an 8% increase year-over-year. The portfolio’s occupancy rate remained strong at 97% as of June 2024, supported by high-quality, environmentally certified office and retail properties. The company plans to invest approximately EUR 100 million in new acquisitions over the next year, which is expected to enhance income generation, though it may temporarily increase leverage.

The company’s EBITDA margin remained solid at over 85% as of June 2024, driven by successful energy efficiency initiatives and the ability to pass on utility costs to tenants. Scope anticipates that Summus’ leverage will stabilize around 55% from 2026, with debt protection metrics remaining above 2x.

“We are pleased to maintain our BB rating over the years despite the constantly challenging economic environment,” said Aavo Koppel, member of the management board of Summus Capital. “This stability underscores our commitment to delivering consistent value to our stakeholders.”

The outlook remains Stable, reflecting Scope’s expectation of continued stable cash flow and portfolio performance. Please see more in detail here: https://scoperatings.com/ratings-and-research/rating/EN/177677.

About Scope
Scope (www.scoperatings.com) is a privately-held rating agency based in Berlin, with offices in in Frankfurt, London, Madrid, Milan, Oslo and Paris. Scope specialises in the analysis and ratings of financial institutions, corporates, structured finance, project finance and public finance. Scope Ratings is a credit rating agency registered in accordance with the EU rating regulation and operating in the European Union with ECAI status.