Housing Development Corporation was assigned default credit ratings of ‘B+’, with an outlook of “Stable”, by Fitch Ratings.

Fitch Ratings is a leader in providing credit ratings, commentary and research. This would be the first credit rating they have assigned to HDC.

According to Fitch’s press release last Thursday, the four key drivers for their decision was based on the issued statuses; “very strong” for status, ownership, control / support record, expectations / and financial default implications. And “strong” for socio-political default impact.

Their decision to rate HDC with ‘B+/Stable’ indicates that, despite challenges, HDC has a strong likelihood of receiving extraordinary state support when required, hence suggesting a promising future for development of the company as well as Hulhumalé.