For the second time running, CHP and its subsidiary Myriad Capital have both been awarded an ‘A’ credit rating in our annual review by S&P Global.
This rating is based on a number of factors, including the strong demand for social housing in Essex and the quality of the properties we build and own. The S&P report recognises our robust approach to risk management and that we will only increase our debt gradually.
There is a change this year in outlook from ‘stable’ to ‘negative’. This reflects our internal focus on growth. S&P Global believes it puts some key ratios at potential risk so reports this as a possible but unlikely downside.
Paul Edwards, Deputy Chief Executive and Chief Financial Officer, said: “To keep our ‘A’ rating in the current financial and economic climate with all the uncertainty that brings is excellent news. CHP is proud of its track record and has ambitious plans for the future. With this announcement we’re all set to deliver on our commitment to build 365 homes a year – one for every day – on top of the more than 10,000 we already provide. Our mission to help meet housing needs has never felt more urgent. With this credit rating, alongside our other achievements, we’re well placed to play our part in providing more great quality homes that people can afford.”
This year, we also kept our V1 and G1 ratings for financial viability and governance from the Regulator of Social Housing. We secured a place for the fourth year running in the Inside Housing Top 50 Biggest Builders survey and have just been announced as one of only 14 housing associations nationwide to partner with Legal & General in their new affordable housing initiative.