... Limited's (GSA) ratings reflects the agency's belief that the rating will remain strong enough during the five-year forecast period. The revision of the Outlook reflects the deterioration in GSA's financial profile. The peak in leverage this year is due to a greater than expected increase in social and non-social housing costs than previously anticipated. Fitch views GSA as a government-related entity (GRE) of the UK (AA-/Stable). We have `Strong Expectations' that the state would provide support to GSA. Combined with a `bb+' Standalone Credit Profile (SCP), which is seven notches below the sovereign rating, this leads to a four- notch uplift to arrive at the `A-' Long-Term Issuer Default Rating (IDR). Continuing high demand for social and affordable housing, and cash flow from rented properties support GSA's credit profile, despite the challenging economic environment....
