Fitch rates Places for People A

Fitch Ratings said it assigned long-term foreign- and local-currency issuer default ratings of A to Places for People Group Ltd.

The outlook is stable.

Fitch also said it assigned the short-term foreign- and local-currency issuer default ratings of F1.

The agency said it assigned A long-term ratings to the senior secured and unsecured bonds issued by the company's subsidiaries, Places for People Treasury plc, Places for People Homes Ltd., Places for People Capital Markets plc and Places for People Finance plc.

The ratings reflect continuing high demand for social housing in the U.K. and continued cash flow from rented properties, Fitch said.

The ratings also consider secured cash flow from public funds and the control and regulation provided through the Regulator of Social Housing, previously the Homes and Communities Agency, the agency said. The ratings also reflect the company's moderate debt level with stable debt metrics and strong liquidity, which is expected to remain stable despite the sizable development plan to deliver about 6,000 units within the next two- to three-years, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.