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Non-U.S. Social Housing Providers Ratings History: March 2024

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

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Chart 2

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Chart 3

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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

Related Research

This report does not constitute a rating action.

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