Fitch on Wednesday downgraded Swedish property company SBB's long-term issuer default rating to CCC+ from B-, and its senior unsecured debt rating to B from B+.

"The downgrades reflect SBB's third quarter results and its tight liquidity, including insufficient existing liquidity to reduce refinancing risk after the end of the third quarter 2024, and unfavourable real estate and capital market conditions," Fitch said in a statement.

"SBB continues to undertake asset disposals but execution risk remains high," the ratings agency added.

Fitch already in August cut SBB's long-term IDR to B- from BB+. (Reporting by Louise Breusch Rasmussen, editing by Anna Ringstrom)