Strong and Effective Supervision Supports English Social and Affordable Housing Providers' Credit Standing
This commentary discusses the strong supervision and effective monitoring exercised by the Regulator of Social Housing (RSH) on English Social and Affordable Housing Providers (SAHPs). This forceful oversight plays a critical role in DBRS Morningstar's assessment of the institutional and government support stemming from the United Kingdom and tends to mitigate, in DBRS Morningstar's view, the more challenging financing framework and funding backdrop for English SAHPs.Key highlights include:
• Strong supervision & oversight mechanisms by the Regulator of Social Housing are the key drivers of government support for social and affordable housing providers in England.
• The Regulator of Social Housing has played a significant role in the resolution process for providers in financial distress.
• Additional government support tools are potentially available through state loans and/or guarantees, under the 2018 housing administration regime.
“The strong monitoring by the Regulator of Social Housing and the track-record of effective resolution processes are key to our assessment of institutional and government support for English social and affordable housing providers,” notes Mehdi Fadli, Vice President in the Global Sovereign Ratings Group.
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