...The affirmation of Metropolitan Thames Valley Housing Group's (MTVH) Long-Term Issuer Default Rating (IDR) at `A-' reflects Fitch Ratings' belief that its credit profile will remain stable during the five-year forecast period to a level that is commensurate with the current rating. Fitch considers MTVH to be a government-related entity (GRE) of the UK (AA-/Stable), which results in our `Strong Expectations' of support from the state. Combined with a Standalone Credit Profile (SCP) of `bbb', which is five notches below the sovereign rating, this leads to a two- notch uplift to arrive at the Long-Term IDR. High demand for social and affordable housing, and cash flow from rented properties continue to support MTVH's credit profile, despite a challenging economic environment within the sector....
