STOCKHOLM, Feb 27 Reuters Swedish property group SBB said on Tuesday that its pretax loss narrowed in the fourth quarter and it expected to find it easier to reduce its debt pile this year.

Large debts with looming maturities, soaring interest rates and a wilting economy have produced a toxic cocktail for Sweden39;s property companies, with many seeing their credit ratings cut to junk over the past year, including SBB.

The landlord, which owns properties across Sweden including hospitals and care homes, reported a fourth quarter pretax loss of 4.93 billion Swedish crowns 479.65 million, compared to a loss of a revised 8.03 billion crowns a year ago.

The group is under pressure to cut its debt amid a slowing property market, with its shares down more than 90 from their 2021 peak.

We need to continue reducing debt levels and dependence on individual funding sources, and we are working from a solid plan to achieve this. Executing the plan is expected to be easier in 2024 than in 2023, CEO Leiv Synnes said in an earnings statement.

1 10.2784 Swedish crowns

Reporting by Marie Mannes and Greta Rosen Fondahn, editing by Terje Solsvik, Kirsten Donovan

Source Reuters