...Sector on Negative Outlook: Fitch Ratings placed the social housing sector in England on negative outlook in May 2013 following developments that the agency viewed as potentially detrimental to the credit profile of registered providers (RPs). Following decades of stability, the sector is facing pressure from welfare reform and universal credit, more exposure to business risks, with an expansion into non-social housing and increasing development activities, and a reduction in the robustness of the public funding and regulatory oversight supporting ratings. Outlook to be Reviewed: Fitch will review the sector outlook before end-2014. The sector may be placed on stable outlook if Fitch believes the developments over the last years will not have a material negative impact on the sector. If Fitch assesses that negative risk factors are still prevalent, the standalone credit profile of the individual RPs may be lowered or the two-notch uplift could be narrowed. Fitch's rating of RPs focuses...
