On Sept. 30, 2022, S&P Global Ratings revised the outlook on its unsolicited 'AA' long-term foreign and local currency ratings on the United Kingdom to negative from stable. We also affirmed the 'AA/A-1+' unsolicited long- and short-term foreign and local currency sovereign credit ratings. Consequently, we revised our outlook on Hexagon Housing Association Ltd. (Hexagon) to negative from stable and affirmed the 'A-' long-term issuer credit rating on Hexagon. The negative outlook reflects the outlook on the U.K. On Oct. 7, 2022, S&P Global Ratings revised its outlook on Hexagon to negative from stable. At the same time, we affirmed our 'A-' long-term issuer credit rating on Hexagon. The negative outlook reflects that on the U.K. We could lower the
