Real estate investment company Fastator, with ex-politicians Björn Rosengren and Carl Bildt on the board, is so overleveraged that SBB appears as a low-risk building. This is according to Dagens industri in an analysis.

The newspaper points out that both the parent company and several subsidiaries are heavily leveraged, an arrangement that worked when interest rates were low but which now creates major problems when they soar.

"The subsidiaries now have their own problems and cannot bring up capital, such as dividends, to the parent company," Di writes.

At the same time, Fastator has bonds that expire in the near future and must be paid. Interest costs amount to SEK 210 million on a full-year basis, while cash flow was negative SEK 46 million in the first half and minus 166 million last year.

"The stock exchange is rightly skeptical and now puts a net asset value discount of 86 percent, more than SBB, on Fastator, which implies some kind of reconstruction. Fastator has put overborrowing in the system, which has now come to the end of the road," writes Di.

Fastator's share is down 72 percent over the past year. As a result of the collapse, the market capitalization has shrunk to just over SEK 200 million.