Hexagon Housing Association Ltd. (Hexagon) is a U.K.-registered social housing provider based in Southeast London. It manages over 4,000 homes, of which most are for general needs. We understand that Hexagon is looking to issue a benchmark-sized bond to fund its upcoming investments in existing and new homes. We have assigned our 'A-' long-term issuer credit rating to Hexagon. The stable outlook reflects our view that Hexagon's relatively solid profitability and very strong liquidity position will likely mitigate the pressure on the group's debt service metrics, which stems from the early funding of upcoming investments in new and existing homes. On April 06, 2022, S&P Global Ratings assigned its 'A-' long-term issuer credit rating to U.K.-based social housing provider Hexagon
