This report does not constitute a rating action.
As of Feb. 29, 2024, S&P Global Ratings rates 62 social housing providers (SHPs) globally outside the U.S. This is unchanged from March 2023, because we assigned two new ratings in Germany and withdrew ratings in Australia and the U.K., at the respective issuers' requests.
Since the beginning of 2019, we have taken close to 120 rating actions, which were predominantly negative due to macroeconomic and regulatory pressures affecting the creditworthiness of the non-U.S. SHPs (see chart 1). Most of the negative rating actions have taken place across the SHPs in England. This is because an increased cost base, caused by inflationary pressures and higher investments in existing stock to meet enhanced fire and building safety standards and make homes more energy efficient, has influenced financial performance. This, coupled with continued efforts to deliver new homes--which requires debt funding at rising interest rates in England--have pressured the English SHPs' debt metrics. Swedish SHPs also feel the effect from cost inflation, and we revised the outlook to negative from stable on one issuer last year.
That said, we also took positive rating actions. This reflects issuers that were in a relatively strong position when the headwinds started to affect the sector, and who have withstood the pressure and maintained relatively strong credit metrics. One issuer in the U.K. was upgraded and another three have a positive outlook. Two issuers in France saw positive rating actions, both due to solid performances and debt metrics, as well as reduced pressure on their respective liquidity positions.
We also see more merger activity in England, France, and Germany. SHPs are either joining their operations to build up capacity and enhance the flexibility of a combined group, or a larger entity is stepping in to take over a smaller entity that is struggling amid the headwinds. This has resulted in a stable number of ratings despite adding issuers to our portfolio of ratings outside the U.S.
Most long-term local currency issuer credit ratings remain clustered in the 'A' category, but there has been a steady transition from the upper end ('A+') to the lower end ('A-') (see chart 2). Despite some outlook normalization in the last 12 months, a negative bias persists in the sector. As of Feb. 29, 2024, 14 entities have negative outlooks compared with five positive outlooks (see chart 3).
Chart 1
Chart 2
Chart 3
Since March 21, 2023, we took rating actions on the entities listed in table 1.
Table 1
Non-U.S. social housing rating actions since March 1, 2023 | |||
---|---|---|---|
Country | Entity | Local currency rating/outlook as of Feb. 29, 2024 | Local currency rating/outlook as of March 1, 2023 |
Australia |
Brisbane Housing Co. Ltd. |
NR | AA-/Negative |
France |
Grand Delta Habitat |
A/Positive | A/Stable |
Germany |
Nassauische Heimstaette |
A+/Stable | -- |
Wohnungsbau Ludwigsburg Gmbh |
A-/Stable | -- | |
Sweden |
Forvaltnings AB Framtiden |
AA-/Negative | AA-/Stable |
U.K. |
Aster Group Ltd. |
A/Stable | A+/Negative |
Bromford Housing Group Ltd. |
A+/Stable | A+/Negative | |
Chelmer Housing Partnership Ltd. |
A-/Stable | A-/Negative | |
Cross Keys Ltd. |
A/Positive | A/Stable | |
East Midlands Housing Group Ltd. |
A/Stable | A+/Negative | |
Futures Housing Group |
A+/Negative | A+/Stable | |
Gentoo Group |
A-/Stable | A-/Negative | |
Hexagon Housing Association |
BBB+/Stable | A-/Negative | |
Hyde Housing Association Ltd. |
A/Negative | A+/Negative | |
Incommunities Group Ltd. |
A/Negative | A+/Negative | |
Karbon Homes Ltd. |
A/Positive | A/Stable | |
Lincolnshire Housing Partnership Ltd. |
A-/Stable | A-/Negative | |
Metropolitan Thames Valley |
A-/Stable | A-/Negative | |
Octavia Housing |
BBB/WatchPos | BBB+/Negative | |
Paragon Asra Housing Ltd. |
BBB+/Stable | A-/Negative | |
Plymouth Community Homes Ltd |
A+/Positive | A+/Stable | |
Silva Homes Ltd. |
NR | A+/WatchNeg | |
Sovereign Housing Association Ltd. |
A/Negative | A+/Negative | |
Thrive Homes Ltd. |
A+/Stable | A/Positive |
Table 2
Non-U.S. social housing rating history as of Feb. 29, 2024 | ||||||||
---|---|---|---|---|---|---|---|---|
Country | Entity/date | Rating | Outlook | |||||
Canada | Toronto Community Housing Corp. | |||||||
Oct. 23, 2006 | AA- | Stable | ||||||
France | Grand Delta Habitat SAS | |||||||
Jan. 29, 2024 | A | Positive | ||||||
Jan. 23, 2023 | A | Stable | ||||||
Jun. 15, 2022 | A+ | WatchNeg | ||||||
Jan. 24, 2020 | A+ | Stable | ||||||
Maisons & Cites S.A. d'HLM | ||||||||
Oct. 30, 2018 | A+ | Stable | ||||||
Oct. 23, 2017 | A+ | Negative | ||||||
Dec. 12, 2013 | A+ | Stable | ||||||
SACVL | ||||||||
Jan. 18, 2023 | AA- | Negative | ||||||
Jul. 07, 2021 | A+ | Stable | ||||||
Jan. 20, 2014 | A | Stable | ||||||
Toulouse Metropole Habitat | ||||||||
Aug. 05, 2022 | A+ | Negative | ||||||
Sep. 28, 2021 | A+ | Stable | ||||||
Germany | Berlinovo Immobilien Gesellschaft mbH | |||||||
Sep. 23, 2022 | A- | Stable | ||||||
Degewo Aktiengesellschaft | ||||||||
Sep. 27, 2022 | A+ | Positive | ||||||
Oct. 20, 2021 | A+ | Stable | ||||||
GBG Mannheimer Wohnungsbaugesellschaft mbH | ||||||||
Nov. 29, 2022 | A+ | Negative | ||||||
Nov. 23, 2020 | A+ | Stable | ||||||
Gewoba Aktiengesellschaft Wohnen und Bauen | ||||||||
Jul. 27, 2020 | A | Stable | ||||||
Gewobag Wohnungsbau-Aktiengesellschaft Berlin | ||||||||
Dec. 18, 2020 | A | Stable | ||||||
Dec. 17, 2019 | A | Negative | ||||||
Sep. 30, 2019 | A+ | WatchNeg | ||||||
Jun. 18, 2019 | A+ | Negative | ||||||
Jul. 6, 2015 | A+ | Stable | ||||||
HOWOGE Wohnungsbaugesellschaft mbH | ||||||||
Oct. 11, 2021 | A | Stable | ||||||
Muenchner Wohnen GmbH (formerly Gewofag Holding GmbH) | ||||||||
Nov. 23, 2021 | AA- | Stable | ||||||
Nassauische Heimstätte | ||||||||
Mar. 24, 2023 | A+ | Stable | ||||||
Wohnungsbau Ludwigsburg Gmbh | ||||||||
May 31, 2023 | A- | Stable | ||||||
Netherlands | Stichting Stadgenoot | |||||||
Nov. 24, 2017 | AA | Stable | ||||||
Nov. 25, 2016 | AA- | Stable | ||||||
Oct. 12, 2011 | AA | Stable | ||||||
New Zealand | Kainga Ora-Homes and Communities | |||||||
Feb. 21, 2021 | AAA | Stable | ||||||
Feb. 27, 2020 | AA+ | Positive | ||||||
Sweden | AB Stangastaden | |||||||
Apr. 07, 2011 | AA- | Stable | ||||||
Jun. 10, 2010 | A+ | Positive | ||||||
Jun. 08, 2004 | A+ | Stable | ||||||
Fastighets AB Forvaltaren | ||||||||
Oct. 25, 2018 | AA- | Stable | ||||||
Oct. 27, 2017 | AA- | Negative | ||||||
Sep. 01, 2011 | AA- | Stable | ||||||
Nov. 25, 2009 | A+ | Stable | ||||||
Jun. 30, 2009 | A | WatchPos | ||||||
Sep. 07, 2004 | A | Stable | ||||||
Forvaltnings AB Framtiden | ||||||||
Oct. 26, 2023 | AA- | Negative | ||||||
Nov. 01, 2011 | AA- | Stable | ||||||
Sep. 09, 2009 | A+ | Stable | ||||||
Stockholms Kooperativa Bostadsforening | ||||||||
May. 15, 2012 | AA- | Stable | ||||||
U.K. | Accent Group Ltd. | |||||||
Jul. 21, 2021 | A | Stable | ||||||
Jul. 21, 2020 | A+ | Negative | ||||||
Dec. 18, 2019 | A+ | Stable | ||||||
Jul. 04, 2019 | A+ | Negative | ||||||
Anchor Hanover Group Ltd. | ||||||||
Mar. 23, 2021 | A+ | Stable | ||||||
Apex Housing Association Ltd. | ||||||||
Nov. 23, 2018 | A- | Stable | ||||||
Nov. 07, 2016 | A | Negative | ||||||
Nov. 09, 2015 | A+ | Negative | ||||||
Nov. 13, 2014 | A+ | Stable | ||||||
Aster Group Ltd. | ||||||||
Dec. 18, 2023 | A | Stable | ||||||
Dec. 8, 2021 | A+ | Negative | ||||||
Dec. 18, 2019 | A+ | Stable | ||||||
Dec. 17, 2018 | A+ | Negative | ||||||
Jul. 04, 2016 | A+ | Stable | ||||||
Dec. 14, 2015 | AA- | Stable | ||||||
Nov. 25, 2014 | AA- | Positive | ||||||
Nov. 25, 2013 | AA- | Stable | ||||||
bpha Ltd. | ||||||||
Oct. 22, 2021 | A+ | Stable | ||||||
Oct. 04, 2018 | A+ | Negative | ||||||
Jul. 04, 2016 | A+ | Stable | ||||||
Sep. 10, 2013 | AA- | Stable | ||||||
Bromford Housing Group Ltd. | ||||||||
July 10, 2023 | A+ | Stable | ||||||
Oct. 7, 2022 | A+ | Negative | ||||||
Jan. 18, 2022 | A+ | Stable | ||||||
Jan. 22, 2021 | A+ | Negative | ||||||
Dec. 18, 2019 | A+ | Stable | ||||||
Apr. 18, 2018 | A+ | Negative | ||||||
Chelmer Housing Partnership Ltd. | ||||||||
Oct. 26, 2023 | A- | Stable | ||||||
Oct. 29, 2020 | A- | Negative | ||||||
Nov. 22, 2019 | A | Negative | ||||||
Nov. 14, 2018 | A | Stable | ||||||
Nov. 16, 2017 | A+ | Negative | ||||||
Jul. 04, 2016 | A+ | Stable | ||||||
Nov. 07, 2013 | AA- | Stable | ||||||
Clarion Housing Group Ltd. | ||||||||
Dec. 22, 2020 | A- | Stable | ||||||
Jul. 23, 2019 | A | Negative | ||||||
Jul. 25, 2018 | A | Stable | ||||||
ClwydAlyn Housing Ltd.* | ||||||||
May. 24, 2017 | A | Stable | ||||||
Cross Keys Homes Ltd. | ||||||||
May 23, 2023 | A | Positive | ||||||
May 6, 2022 | A | Stable | ||||||
May 21, 2021 | A+ | Negative | ||||||
Jul. 04, 2016 | A+ | Stable | ||||||
May. 20, 2016 | AA- | Stable | ||||||
Jul. 10, 2015 | AA- | Negative | ||||||
Jul. 31, 2014 | AA- | Stable | ||||||
East Midlands Housing Group Ltd. | ||||||||
Jan. 24, 2024 | A | Stable | ||||||
Jan. 27, 2022 | A+ | Negative | ||||||
Jul. 04, 2016 | A+ | Stable | ||||||
Jan. 15, 2014 | AA- | Stable | ||||||
Futures Housing Group | ||||||||
Oct. 11, 2023 | A+ | Negative | ||||||
Oct. 22, 2019 | A+ | Stable | ||||||
Jan. 25, 2019 | A+ | Negative | ||||||
Gentoo Group | ||||||||
Jul. 13, 2023 | A- | Stable | ||||||
Oct. 7, 2022 | A- | Negative | ||||||
Jul. 19, 2022 | A- | Stable | ||||||
Jul. 30, 2020 | A- | Negative | ||||||
Dec. 18, 2019 | A- | Stable | ||||||
Jul. 11, 2019 | A- | Negative | ||||||
Feb. 23, 2018 | BBB+ | Positive | ||||||
Guinness Partnership (The) | ||||||||
Jan. 27, 2020 | A- | Stable | ||||||
Aug. 13, 2019 | A | Negative | ||||||
Jul. 24, 2018 | A | Stable | ||||||
Nov. 29, 2016 | A+ | Negative | ||||||
Jul. 04, 2016 | A+ | Stable | ||||||
Oct. 09, 2014 | AA- | Stable | ||||||
Hexagon Housing Association | ||||||||
Mar. 24, 2023 | BBB+ | Stable | ||||||
Oct.7, 2022 | A- | Negative | ||||||
Apr. 6, 2022 | A- | Stable | ||||||
Home Group Ltd. | ||||||||
Dec. 14, 2018 | A- | Stable | ||||||
Dec. 08, 2017 | A | Negative | ||||||
Jul. 04, 2016 | A | Stable | ||||||
Jun. 19, 2015 | A+ | Negative | ||||||
Jun. 17, 2014 | A+ | Stable | ||||||
Oct. 02, 2013 | A+ | Negative | ||||||
Jun. 30, 2009 | A+ | Stable | ||||||
Jun. 06, 2008 | A | Negative | ||||||
May. 05, 2005 | A | Stable | ||||||
May. 21, 2004 | A+ | Negative | ||||||
Jul. 24, 2003 | A+ | Stable | ||||||
Housing 21 | ||||||||
Aug. 15, 2023 | A- | Stable | ||||||
Jul. 27, 2023 | A- | WatchNeg | ||||||
Jul. 23, 2021 | A- | Stable | ||||||
Jul. 24, 2019 | A | Stable | ||||||
Jul. 11, 2018 | A+ | Negative | ||||||
Oct. 25, 2017 | A+ | Stable | ||||||
Housing Solutions Ltd. | ||||||||
Jul. 04, 2016 | A+ | Stable | ||||||
May. 13, 2016 | AA- | Stable | ||||||
Hyde Housing Association Ltd. | ||||||||
Jul. 17, 2023 | A | Negative | ||||||
Oct. 7, 2022 | A+ | Negative | ||||||
Jul. 22, 2021 | A+ | Stable | ||||||
Jul. 24, 2018 | A | Stable | ||||||
Oct. 31, 2016 | A+ | Negative | ||||||
Aug. 05, 2016 | A+ | WatchNeg | ||||||
Jul. 04, 2016 | AA- | Stable | ||||||
Aug. 12, 2015 | AA | Stable | ||||||
Incommunities Group Ltd. | ||||||||
Mar. 28, 2023 | A | Negative | ||||||
Mar. 18, 2021 | A+ | Negative | ||||||
Dec. 19, 2019 | A+ | Stable | ||||||
Mar. 07, 2019 | A+ | Negative | ||||||
Karbon Homes Ltd. | ||||||||
May 18, 2023 | A | Positive | ||||||
May 27, 2020 | A | Stable | ||||||
Oct. 31, 2018 | A+ | Negative | ||||||
Lincolnshire Housing Partnership Ltd.§ | ||||||||
Nov. 21, 2023 | A- | Stable | ||||||
Nov. 23, 2022 | A- | Negative | ||||||
Nov. 22, 2021 | A | Negative | ||||||
Mar. 04, 2021 | A+ | Negative | ||||||
Dec. 18, 2019 | A+ | Stable | ||||||
Mar. 01, 2018 | A+ | Negative | ||||||
Jul. 04, 2016 | A+ | Stable | ||||||
Jun. 13, 2014 | AA- | Stable | ||||||
Link Group Ltd. | ||||||||
Nov. 26, 2020 | A | Stable | ||||||
Dec. 13, 2018 | A+ | Negative | ||||||
Jan. 23, 2018 | A+ | Stable | ||||||
Local Space Ltd. | ||||||||
Jun. 24, 2022 | AA- | Negative | ||||||
Jun. 26, 2020 | AA- | Stable | ||||||
Feb. 22, 2019 | AA- | Negative | ||||||
Jul. 04, 2016 | AA- | Stable | ||||||
Feb. 23, 2016 | AA | Negative | ||||||
London & Quadrant Housing Trust | ||||||||
Oct.7, 2022 | A- | Negative | ||||||
Jul. 18, 2019 | A- | Stable | ||||||
Jul. 25, 2018 | A | Negative | ||||||
Oct. 31, 2016 | A+ | Negative | ||||||
Aug. 05, 2016 | AA- | WatchNeg | ||||||
Jul. 04, 2016 | AA- | Stable | ||||||
Jun. 19, 2015 | AA | Negative | ||||||
Jun. 17, 2014 | AA | Stable | ||||||
Dec. 17, 2012 | AA | Negative | ||||||
Nov. 27, 2012 | AA | Stable | ||||||
Nov. 29, 2011 | AA- | Stable | ||||||
Aug. 13, 2009 | AA- | Positive | ||||||
Jun. 30, 2009 | A+ | WatchPos | ||||||
Dec. 19, 2008 | A+ | Stable | ||||||
Metropolitan Thames Valley† | ||||||||
Dec. 19, 2023 | A- | Stable | ||||||
Oct.7, 2022 | A- | Negative | ||||||
Jul. 24, 2018 | A- | Stable | ||||||
Oct. 31, 2016 | A+ | Negative | ||||||
Jul. 04, 2016 | A+ | Stable | ||||||
Sep. 15, 2015 | AA- | Stable | ||||||
Notting Hill Genesis‡ | ||||||||
Jun. 05, 2019 | A- | Stable | ||||||
Jul. 27, 2018 | A | Negative | ||||||
Oct. 04, 2016 | A+ | Negative | ||||||
Jul. 04, 2016 | AA- | Stable | ||||||
Jun. 19, 2015 | AA | Negative | ||||||
Oct. 20, 2014 | AA | Stable | ||||||
Octavia Housing | ||||||||
Nov. 24, 2023 | BBB | WatchPos | ||||||
Sep. 11, 2023 | BBB | Negative | ||||||
Dec. 15, 2022 | BBB+ | Negative | ||||||
Sep. 27, 2022 | A- | Negative | ||||||
Sep. 2, 2021 | A- | Stable | ||||||
Dec. 11, 2020 | A | Negative | ||||||
Jul. 29, 2020 | A | Stable | ||||||
Dec. 18, 2019 | A+ | Stable | ||||||
Jul. 23, 2019 | A+ | Negative | ||||||
Jul. 31, 2018 | A+ | Stable | ||||||
Paradigm Housing Group | ||||||||
May 10, 2021 | A+ | Stable | ||||||
Paragon Asra Housing | ||||||||
Jun. 27, 2023 | BBB+ | Stable | ||||||
Oct.7, 2022 | A- | Negative | ||||||
Jun. 23, 2022 | A- | Stable | ||||||
Jun. 23, 2021 | A | Negative | ||||||
Jun. 19, 2020 | A | Stable | ||||||
Peabody Trust** | ||||||||
Oct.7, 2022 | A- | Negative | ||||||
Aug. 20, 2021 | A- | Stable | ||||||
Jul. 08, 2019 | A | Stable | ||||||
Places for People Group Ltd. | ||||||||
Jun. 20, 2018 | A- | Stable | ||||||
Oct. 24, 2016 | A | Negative | ||||||
Jul. 04, 2016 | A+ | Negative | ||||||
Oct. 01, 2009 | A+ | Stable | ||||||
Jun. 30, 2009 | A | WatchPos | ||||||
Dec. 14, 2007 | A | Stable | ||||||
Oct. 05, 2005 | A | Positive | ||||||
Oct. 06, 2004 | A | Stable | ||||||
Platform Housing Group | ||||||||
Mar. 26, 2020 | A+ | Stable | ||||||
Plymouth Community Homes Ltd. | ||||||||
Jan. 23, 2024 | A+ | Positive | ||||||
Dec. 18, 2019 | A+ | Stable | ||||||
Feb. 15, 2019 | A+ | Negative | ||||||
Richmond Housing Partnership | ||||||||
Jun. 21, 2022 | A+ | Negative | ||||||
May. 15, 2019 | A+ | Stable | ||||||
May. 21, 2018 | AA- | Negative | ||||||
Jul. 04, 2016 | AA- | Stable | ||||||
Jun. 19, 2015 | AA | Negative | ||||||
Jan. 09, 2015 | AA | Stable | ||||||
Sanctuary Housing Assn.*** | ||||||||
Feb. 8, 2023 | A | Negative | ||||||
Nov. 18, 2021 | A | Stable | ||||||
Apr. 30, 2021 | A+ | Negative | ||||||
Feb. 25, 2021 | A+ | WatchNeg | ||||||
Nov. 19, 2020 | A+ | Negative | ||||||
Dec. 19, 2019 | A+ | Stable | ||||||
Nov. 15, 2018 | A+ | Negative | ||||||
Jul. 04, 2016 | A+ | Stable | ||||||
Jun. 14, 2010 | AA- | Stable | ||||||
Jun. 30, 2009 | AA- | Positive | ||||||
May. 28, 2008 | A+ | Stable | ||||||
Oct. 18, 2004 | A | Stable | ||||||
Sovereign Housing Association Ltd. | ||||||||
Nov. 22, 2023 | A | Negative | ||||||
Oct. 24, 2022 | A+ | Negative | ||||||
Oct. 28, 2020 | A+ | Stable | ||||||
Oct. 24, 2018 | A+ | Negative | ||||||
Oct. 04, 2016 | A+ | Stable | ||||||
Jul. 04, 2016 | AA- | Stable | ||||||
Jun. 19, 2015 | AA | Negative | ||||||
Jun. 17, 2014 | AA | Stable | ||||||
Dec. 17, 2012 | AA | Negative | ||||||
Oct. 24, 2012 | AA | Stable | ||||||
Aug. 06, 2009 | AA- | Stable | ||||||
Stonewater Ltd. | ||||||||
Feb. 6, 2023 | A | Negative | ||||||
May 19, 2022 | A+ | Negative | ||||||
Dec. 18, 2019 | A+ | Stable | ||||||
Jul. 24, 2019 | A+ | Negative | ||||||
Aug. 08, 2018 | A+ | Stable | ||||||
Thrive Homes Ltd. | ||||||||
Mar. 24, 2023 | A+ | Stable | ||||||
Mar. 28, 2022 | A | Positive | ||||||
Mar. 18, 2020 | A | Stable | ||||||
Mar. 29, 2019 | A | Negative | ||||||
Mar. 02, 2018 | A | Stable | ||||||
Jul. 04, 2016 | A+ | Stable | ||||||
Mar. 06, 2014 | AA- | Stable | ||||||
VIVID Housing Ltd. | ||||||||
Oct. 7, 2022 | A | Stable | ||||||
Wheatley Housing Group Ltd. | ||||||||
May. 22, 2019 | A+ | Stable | ||||||
May. 18, 2018 | A+ | Negative | ||||||
May. 26, 2017 | A+ | Stable | ||||||
Oct. 03, 2016 | A+ | Negative | ||||||
Jul. 05, 2016 | A+ | WatchNeg | ||||||
Jun. 17, 2016 | AA | Stable | ||||||
Jun. 04, 2015 | AA- | Positive | ||||||
Nov. 07, 2014 | AA- | Stable | ||||||
Wrekin Housing Group Ltd. | ||||||||
Oct. 07, 2019 | A | Stable | ||||||
*Formerly known as Pennaf Ltd.§We initially rated Boston Mayflower.†We initially rated Metropolitan Housing Trust.‡We initially rated Notting Hill Housing Trust.**We initially rated Town & Country Housing Group and Catalyst Housing Ltd. which are now rated subsidaries.***We initially rated Swan Housing Association which is now a rated subsidiary. |
Related Criteria
- Environmental, Social, And Governance Principles In Credit Ratings, Oct. 10, 2021
- Methodology For Rating Public And Nonprofit SHPs, June 1, 2021
- Group Rating Methodology, July 1, 2019
- Rating Government-Related Entities: Methodology And Assumptions, March 25, 2015
- General Criteria: Principles Of Credit Ratings, Feb. 16, 2011
Related Research
- European Housing Markets Forecast Brightens Amid Ongoing Corrections, Jan. 25, 2024
- Non-US Social Housing Outlook 2024 At a turning point, Nov. 29, 2023
- Non-US Social Housing Providers Ratings Score Snapshot, Nov. 15, 2023
- Non-US Social Housing Providers Ratings Risk Indicators, Nov. 15, 2023
- Regulatory Framework Assessment: Social Housing Providers In The U.K. Benefit From Strong Regulatory Frameworks, Oct. 23, 2023
- United Kingdom 'AA/A-1+' Ratings Affirmed; Outlook Stable, Oct. 20, 2023
- U.K. Social Housing Providers' Credit Headroom Could Tighten If The Operating Environment Deteriorates, Oct. 4, 2023
- Regulatory Framework Assessment: German Public Housing Providers Face Increasing Political Demands But Benefit From Strong Institutions, Oct. 3, 2023
- Regulatory Framework And Systemic Support Assessments For Nonprofit Social Housing Providers, Sept. 8, 2023
- Freeze On Livret A Rate Should Boost French Social Housing Providers’ Credit Metrics, July 17, 2023
- Regulatory Framework Assessment: Social Housing Providers In France, May 30, 2023
- Regulatory Framework Assessment: Swedish Public Housing Providers' Rent-Setting Scheme Balances Income And Costs, May 22, 2023
- U.K. Social Housing Borrowing 2023: On Pause, March 28, 2023
- Non-U.S. Social Housing Providers Ratings History: March 2023, March 27, 2023
- U.K. Social Housing Providers Set Their Sights On Cyber Risks, Dec. 16, 2022
- Regulatory Framework Assessment: Social Housing Providers In Netherlands, July 7, 2022
This report does not constitute a rating action.
Primary Credit Analyst: | Karin Erlander, London + 44 20 7176 3584; karin.erlander@spglobal.com |
Secondary Contacts: | Felix Ejgel, London + 44 20 7176 6780; felix.ejgel@spglobal.com |
Noa Fux, London 44 2071 760730; noa.fux@spglobal.com | |
Kimberly Suarez, London; kimberly.suarez@spglobal.com | |
Additional Contacts: | Mahek Bhojani, London +44 2071760846; mahek.bhojani@spglobal.com |
Abril A Canizares, London + 44 20 7176 0161; abril.canizares@spglobal.com | |
Tim Chow, CFA, London +44 2071760684; tim.chow@spglobal.com | |
Sabine Daehn, Frankfurt + 49 693 399 9106; sabine.daehn@spglobal.com | |
Adam J Gillespie, Toronto + 1 (416) 507 2565; adam.gillespie@spglobal.com | |
Rebecca Hrvatin, Melbourne + 61 3 9631 2123; rebecca.hrvatin@spglobal.com | |
Matthew R Hyde, London +44 20 71760456; m.hyde@spglobal.com | |
Erik A Karlsson, Stockholm + 46(0)84405924; erik.karlsson@spglobal.com | |
Stefan Keitel, Frankfurt + 49 693 399 9254; stefan.keitel@spglobal.com | |
Natalia Legeeva, London 44 20 7176 0618; natalia.legeeva@spglobal.com | |
Dennis Nilsson, Stockholm + 46 84 40 5354; dennis.nilsson@spglobal.com | |
Carl Nyrerod, Stockholm + 46 84 40 5919; carl.nyrerod@spglobal.com | |
Etienne Polle, Paris (+33) 01 40 75 25 11; etienne.polle@spglobal.com | |
Colleen Sheridan, London +44-20-7176-0561; colleen.sheridan@spglobal.com | |
Hugo Soubrier, Paris +33 1 40 75 25 79; hugo.soubrier@spglobal.com | |
Michael Stroschein, Frankfurt + 49 693 399 9251; michael.stroschein@spglobal.com | |
Eileen X Zhang, CFA, London + 44 20 7176 7105; eileen.zhang@spglobal.com |
No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.
Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment, and experience of the user, its management, employees, advisors, and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.
To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.
S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process.
S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.spglobal.com/ratings (free of charge), and www.ratingsdirect.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.spglobal.com/usratingsfees.