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Nov 30 -
-- The Housing Finance Corp. Ltd.'s (THFC) credit quality remains stable and we expect a continued strengthening in the business position.
-- We are therefore affirming the 'A+/A-1' ratings on THFC.
-- The stable outlook reflects our base-case expectation of increased lending funded through increased bond issuance and bank loans; the U.K. government's continued support of the social housing sector; and the maintenance of the quality of the loan portfolio and diversified income streams.
-- We are also downgrading to 'A+' from 'AA-' the rating on debt issued by T.H.F.C. (Funding No. 1) PLC based on our revised view of the level of credit enhancement provided by the liquidity facility.
-- We are also affirming the 'A+' rating on the debt issued by T.H.F.C. (Funding No. 2) PLC and T.H.F.C. (Funding No. 3) PLC.
On Nov. 30, 2012, Standard & Poor's Ratings Services affirmed its 'A+/A-1' corporate credit rating on The Housing Finance Corp. Ltd. (THFC). The outlook remains stable.