LONDON (S&P Global Ratings) May 12, 2025--We have taken 23 rating actions on social housing providers (SHPs) outside the U.S. over the past 12 months, below the average of 24 rating actions per year in the past three years. We expect to take fewer rating actions still in 2025. (See "Non-U.S. Social Housing Providers Ratings History: April 2025," published today.) We rate 59 SHPs globally outside the U.S., down by three compared with the same period last year due to rating withdrawals at the issuers' requests. As of April 30, 2025, 15% of ratings had a negative outlook or were on CreditWatch with negative implications, compared with 23% on March 31, 2024. Four ratings (7%) had a positive outlook. With
