S&P affirms rating on UK's Plymouth Community Homes

S&P Global Ratings affirmed Plymouth Community Homes Ltd.'s long-term issuer credit rating at A+, with a stable outlook.

The affirmation takes into account the rating agency's opinion that the U.K.-based social housing provider's underlying business continues to yield stable earnings. Combined with grant funding, the earnings would allow Plymouth to continue its modernization and development program.

Ratings expects that Plymouth will maintain strong liquidity and a low debt burden over its forecast period through fiscal year ending March 31, 2023, despite its heavy investment in major repairs and fire risk assessment measures.

The stable outlook factors in the agency's opinion that Plymouth's weak financial performance in fiscal 2020 will improve over fiscal 2021 to 2023.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.