7th Aug 2023 12:16
Triple Point Social Housing REIT PLC - London-based real estate investment trust - Says Fitch Ratings reaffirms the company's existing investment grade at 'A-' with a stable outlook and a senior secured rating of 'A' for the group's existing loan notes. Fitch says the ratings reflect Triple Point's "all-UK property portfolio of specialised supported housing for special-needs tenants, which generate indirect state-sourced rental income". Adds: "The leases with registered providers provide stable rents with full repairing and insuring lease terms, inflation-linked increases and void risks covered by RPs and care providers. Fitch views two of Triple Point's RPs, who are not paying their full rents due, even though housing benefit continues to be paid to the RPs, as creating additional financial risk. Further examples of RPs providing this type of disruption to Triple Point's rental income would not be consistent with existing ratings."
Current stock price: 63.00 pence, down 0.6%
12-month change: down 32%
By Greg Rosenvinge, Alliance News reporter
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