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S&P revises Bromford view to stable
S&P said it revised the outlook for Bromford Housing Group Ltd. to stable from negative. At the same time, the agency affirmed its A+ ratings on the company and its £300 million senior secured bond.
The outlook revision reflects the S&P’s revision of the United Kingdom’s outlook to stable from negative.
The A+ rating is supported by S&P’s view of Bromford’s strong financial profile following the completion of mergers with Merlin Housing House Society in July 2018 and Severn Vale Housing Association in January. The combined entity has improved its liquidity position over the past 12 months, supported by a £300 million bond and a £100 million private placement.
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