Standard & Poor’s has downgraded Futures Housing’s long-term issuer credit rating from A+ to A due to its ‘sizeable’ investments in existing homes.

The outlook on the ‘A’ long-term rating is stable, which reflects S&P’s view that Futures’ management team will manage costs to limit further pressure from high investments in existing stock.

S&P also downgraded the long-term issue rating on the £270 million bond issued in February 2019 by Futures Treasury PLC, the group’s funding vehicle established to issue bonds and lend the proceeds to Futures Housing Group, from A+ to A.