S&P Global Ratings affirmed its foreign and local currency issuer credit ratings on Brisbane Housing Co. Ltd. at AA-/A-1+, with a stable outlook.
The rating agency attributed the affirmation to the Australian real estate developer's a+ stand-alone credit profile, which is based on the company's very strong enterprise and robust financial profiles. S&P also noted that the company is likely to receive support from the State of Queensland in the event of financial distress.
The agency also highlighted the company's strong management and strategy, supported by its partnership with the Department of Housing and Public Works for the construction of about 682 social housing properties by 2027, the high quality of its assets and strong population growth, among other factors driving the ratings.
The stable outlook reflects S&P's expectation that Brisbane Housing will gradually become less reliant on government funding and reduce financial performance volatility.
Brisbane Housing was established in 2002 by Queensland and Brisbane City Council.
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.