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S&P backs The Housing Finance Corporation

The UK’s £7.3bn social housing bond aggregator has retained its A/A-1 rating.

Ratings agency S&P said The Housing Finance Corporation (THFC) had a stable outlook and would continue with its policy mandate even though there was wider political uncertainty.

S&P said: “THFC is likely to retain its relevance in the UK market and a strong financial profile even though its underlying borrowers, the UK housing associations are exposed to uncertainties related to Brexit.”

The local government financial crisis has not been caused by a lack of funding: that’s just a symptom of the inherent conflict of having independent local authorities within a highly centralised state, argues Conrad Hall.

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