S&P Global Ratings assigns issuer credit ratings to public and nonprofit social housing providers (SHPs) based on its qualitative and quantitative analysis of industry risk, market position, management and governance, financial performance, debt profile, and liquidity. We assess financial performance and debt profile on a five-year average basis, typically including two historical years, the current year, and two forecast years. This report provides comparative statistics for the 59 rated SHPs outside the U.S. We continue to think that ratings across the non-U.S. SHP sector have stabilized, albeit at a weaker level than a year ago. The intrinsic credit quality of the English SHPs has continued to weaken, resulting in negative rating actions. However, only nine of the non-U.S. SHPs have
