LONDON, UK: Fitch Ratings has revised Platform Housing Group’s outlook to stable, a news release said.
Platform Housing Group has experienced a favourable ratings change. The new rating, A+ (stable outlook) (formerly A+ (negative outlook), reflects a similar amendment to the UK Sovereign rating.
The revision to the Sovereign rating reflects the stronger resilience of the UK economy and public finances to the pandemic shock, which has resulted in an upward revision of Fitch’s GDP growth estimate (see ‘Fitch Revises the United Kingdom’s Outlook to Stable; Affirms at ‘AA-‘, dated 18 June 2021 at www.fitchratings.com).
The rating adds to the A+ (stable) rating with Standard and Poors (which was reaffirmed in January 2021) and further establishes Platform Housing Group as one of the strongest rated organisations in the social housing sector.
Rosemary Farrar, Chief Finance Officer at Platform Housing Group said: “The change to the outlook reflects not only that the UK economy is faring well as it continues to manage the effects of the Covid-19 pandemic, but also Platform’s strong credit standing. The change in outlook creates consistency within our ratings and demonstrates to investors that Platform remains one of the best credits in the sector. The positive economic outlook is good news for our customers, after a period of sustained hardship for many as it will help us access the funding we need to invest in our homes and our communities as we continue to manage and develop quality, affordable and sustainable housing for those in the Midlands.”