L&Q, Hyde, Notting Hill Genesis and Guinness all saw their ratings decreased from A+ to A as S&P highlighted increased sales risk at the associations.

Metropolitan saw its rating fall from A+ to A- as S&P said it also decided “to budget additional spending to improve the condition and safety of its stock”.

Metropolitan, Hyde and Guinness were all given stable outlooks, meaning S&P thinks their ratings are unlikely to change in the near future. L&Q and Notting Hill Genesis, on the other hand, were given negative outlooks.