In our view, small London-based social housing provider Hexagon Housing Assn. Ltd. faces heightened liquidity management risks. Although we expect Hexagon’s liquidity coverage ratio to remain above an adequate 1x, delays in arranging committed funding facilities could hinder the execution of the group’s business plan and moderate growth ambitions. We therefore revised the outlook on Hexagon Housing Assn. Ltd. to negative from stable and affirmed the ‘BBB+’ long-term issuer credit rating. We also affirmed our'BBB+'long-term issue rating on Hexagon's £250 million senior secured bond. On Oct. 29, 2026, S&P Global Ratings revised the outlook on U.K.-based Hexagon Housing Assn. Ltd. to negative from stable and affirmed its'BBB+'long-term issuer credit rating. We also affirmed our'BBB+'long-term
