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Moody's lowers Southern Housing Group ratings, revises outlook

Moody's downgraded Southern Housing Group Ltd.'s issuer rating and senior secured debt rating to A3 from A2 and revised the ratings outlook to stable from negative.

The rating agency factored in the increasing risk appetite and strategic shift of the London-based real estate company that will lead to a substantial increase in debt, capital expenditure and market sales over the next three years, which could result in a more unpredictable operating cash flows.

The outlook revision takes into account Moody's view that Southern Housing's planned increase in borrowing and consequent impact on debt and interest cover ratios is balanced by its large size and resilient balance sheet.