Fitch rates Great Places Housing bonds A+

Fitch Ratings said it assigned an expected long-term local currency rating of A+ (EXP) to Great Places Housing Group Ltd.’s proposed £75 million secured bonds (with a further £70 million to be retained).

The rating is aligned with the group long-term local currency issuer default rating of A+, which has a stable outlook.

Great Places Housing intends to issue a £145 million bond tap, including £70 million to be retained and which will not be drawn until a later date.

The group will use the proceeds to cover its funding requirements under its current business plan, including its debt refinancing needs, and will also repay £19 million of existing legacy debt.

Fitch said the rating of the secured bonds reflects ample security cover and legal responsibility for the full and timely repayment of the bonds and interest payments through a loan agreement.

The new bonds have the same terms and conditions, will form a single series and rank pari passu with Great Places Housing’s £200 million 4.75% secured bonds due 2042 issued on Oct. 22, 2012.

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