Rating Stadgenoot from AA to AA-
Credit rating agency Standard and Poor’s has given Stadgenoot the rating ‘AA-’. The rating allows the housing association to borrow at a relatively low rate of interest on the international capital market. This will take place mainly in order to finance non-DAEB investments or non-revolving loans. The rating is down one notch from previous years. S&P does not expect any further drop in the rating in the coming years.
From 2011 to 2015, Stadgenoot was given the rating ‘AA’. The marginal drop is to do with the expectation that the new Housing Act and the Dutch government’s supplementary rental regulations will reduce Stadgenoot’s flexibility to pursue its own financial policy. This means that Stadgenoot’s response to worsening economic developments would be less effective than has been the case up to now.
Standard and Poor’s still rates Stadgenoot’s profile as ‘very strong’ and is of the opinion that demand for social housing in Amsterdam will remain ‘very stable’. Once again, the credit rating agency praised the high quality of Stadgenoot’s property, as well as the stability of its strategy and the management of the company.
You can read the full report here.
Pim de Ruiter, spokesman for Stadgenoot, 06-29501576