The company at the center of Sweden’s property crisis was sent even further into junk territory by S&P Global Ratings, a move that will worsen the already severe funding crunch for the troubled landlord.

Samhallsbyggnadsbolaget i Norden AB, or SBB as it’s more commonly known, was lowered to BB- and placed on negative watch. A lower credit rating translates into higher borrowing costs and shifts the company even further away from its previous investment-grade investor base.

“We see an elevated refinancing and liquidity risk, with investor confidence declining further in the past couple of weeks,” S&P said in a statement on Wednesday, adding that the rating could be lowered again if the firm is unable to restore market confidence and fails to sell assets.

SBB, which must roll over $1.6 billion of maturing bonds within the next three years, was first cut to junk by S&P a month ago — a move that was followed by Fitch Ratings.

The firm has since then postponed its dividend, put the entire firm up for sale and replaced its Chief Executive Officer and founder Ilija Batljan.