S&P Global Ratings affirmed East Midlands Housing Group Ltd.'s long-term issuer credit rating at A+, with a stable outlook.
The rating agency said the rating reflects the U.K. social housing provider's stand-alone credit profile, based on Ratings' opinion that there is a "moderately high likelihood" that the company would receive timely and adequate extraordinary backing from the U.K. government in the event of financial distress.
The rating agency noted the company's efforts to consistently focus on its core social housing business and its solid financial profile with moderate debt levels, among other factors.
The stable outlook factors in Ratings' expectation for East Midlands to control its exposure to nontraditional activities, including sales, and to keep a robust operational performance, especially the management of arrears.
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