Moody's affirmed the Baa1 issuer rating on U.K.-based property company Connexus Housing Ltd. and the Baa1 senior secured debt rating on Herefordshire Capital PLC, while revising the ratings outlook to positive from stable.

The rating agency said the affirmation takes into account Connexus' robust financial metrics and the strategic volatility of the organization's development program over the past year.

The revised outlook factors in the agency's opinion that Connexus' financial performance will continue to be stronger than previous estimates, driven mainly by a moderation of its risk appetite within its development program and the solid performance of its social housing business.