S&P revises 10 housing associations to ‘stable’ in line with UK outlook
Standard & Poor’s (S&P) has revised the outlook on 10 housing associations to stable from negative, two days after making the same adjustment to its outlook on the UK’s rating.
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The credit ratings agency revised the outlook on its AA rating for the UK on 17 December to stable, following the election result last week, as a result of a perceived lower risk of a no-deal Brexit given the Conservatives’ sizeable majority.
S&P has not applied the improvement to ‘stable’ to all housing associations on its books that were previously on a negative outlook, with 11 housing associations retaining the outlook.
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The 10 housing associations that did see their outlook uplifted from negative to stable, and their issuer credit ratings, are:
- Accent Group (A+)
- Aster Group (A+)
- Bromford Housing Group (A+)
- Incommunities (A+)
- Lincolnshire Housing Partnership (A+)
- Octavia Housing (A+)
- Plymouth Community Homes (A+)
- Sanctuary Housing Association (A+)
- Stonewater (A+)
- Gentoo Group (A-)
The move by S&P comes after fellow credit ratings agency Moody’s on 13 November affirmed the credit ratings and outlook for 39 housing associations (HAs), despite revising down the outlook for the UK sovereign to negative.
Moody’s said it expected that the rated HA sector would be “resilient” to the risks facing the UK sovereign.
Currently, Moody’s and Fitch have retained a negative outlook on the UK sovereign, which they have previously given the ratings Aa2 and AA respectively. However Fitch removed the UK from its ‘Rating Watch Negative’ list.
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