Fitch Ratings affirmed the long-term foreign- and local-currency issuer default ratings of Places for People Group Ltd. at A, with stable outlooks.
The affirmation takes into account the London-based social housing registered provider's strong revenue defensibility, operating risk and financial profile. The rating agency noted that demand for social housing remains robust and that change in rents are not likely to materially affect demand.
Fitch also highlighted Places for People's well-identified cost drivers and low potential volatility in major expenses. It expects the company to maintain enough revenue to cover debts and cross-subsidize its core business as it implements cost-efficiency measures and increasingly diversify into the noncore segment.