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S&P assigns A- rating to Thames Valley Housing Association after amalgamation

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S&P assigns A- rating to Thames Valley Housing Association after amalgamation

S&P Global Ratings assigned U.K. housing provider Thames Valley Housing Association Ltd. an A- long-term issuer credit rating, with a stable outlook.

Thames Valley and Metropolitan Housing Group combined under the Thames Valley name in October, and S&P discontinued its ratings on Metropolitan Housing Group.

S&P credits the stable outlook to the strong U.K. social housing business mitigating risks from increased sales, and the likelihood of support from the U.K. government.

The rating is based on S&P's view that Thames Valley will expand its sales program, such that it will account for more than one-third of the group's revenues, and that it will maintain a strong enterprise profile and good liquidity due to the high demand and stability of its traditional social housing programs.

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 here.