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S&P assigns issuer credit rating to Stonewater

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.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found in the sources section.