S&P Global Ratings assigned an A+ long-term issuer credit rating to Stonewater Ltd., a U.K.-based social housing association.
The outlook is stable.
The rating agency said it expects stable financial results from Stonewater through effective cost management and firm profitability from its growing real estate portfolio, which would offset pressure from welfare reforms and help to alleviate risks from higher leverage.
S&P Global Ratings added that Stonewater reaps advantages from operating in a low-risk industry that is mostly non-cyclical and overseen closely by the Regulator of Social Housing.
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