SBB - comment

SBB has a 12-month liquidity gap of SEK4bn, and it hopes to plug this with SEK5bn in bank loan refinance from the remaining loan to the Education business. That should happen. Brookfield.  having majority ownership of the unit will have made sure. The separation of the Residential business is moving ahead and is intended to allow the residential business to refinance as an Investment-grade company. Management has previously said it will sell as much as 60% of the equity in this business. Management had suggested the Residential unit could be IPO'd, but we think the rating agencies would rather see another investor come in. We will return to this after the call (at 1000 CET).