Fitch rates A2D bonds AA-

Fitch Ratings said it assigned long-term local- and foreign-currency ratings of AA- to A2Dominion Housing Group Ltd. (A2D), along with a short-term local-currency rating of F1+.

The outlook is negative.

Fitch also said it assigned an expected long-term local-currency rating of AA- to A2D Funding plc's proposed unsecured bonds. The rating is aligned with A2D's rating.

The ratings reflect the continuing demand for social housing in the south of England where the group operates, Fitch said, as well as continued cash flow from rented properties.

The ratings also consider the secured cash flow from public funds and the control and regulation provided through the Homes and Communities Agency, the agency said.

The negative outlook reflects the outlook for the English social housing sector, which is facing more exposure to business risks with expansion into non-social housing activity and increasing development activities, Fitch said.

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