Moody's: Poplar Harca debt A3

Moody's Investors Service said it assigned an A3 issuer rating to Poplar Harca Ltd.

In addition, the agency assigned an A3 debt rating to the proposed £140 million bond issuance of Poplar Harca Capital plc, Poplar Harca's primary borrowing vehicle.

Moody's said the assignment reflects Poplar Harca's adequate operating margins, which are projected to improve to solid levels; stable cash flows Poplar Harca generates from low-risk social-housing letting; strong demand in Poplar Harca's area of operations; and Moody's current assessment of a strong regulatory framework for English housing associations.

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