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 and in particular our ambitious development programme, which is delivered through a managed increase in our debt portfolio. The rating reflects our objective to help meet the continued strong demand for social housing in the eastern region by building a new home a day. Last year we completed 375 new homes and we have another 650 homes currently under construction.
The outlook in our rating remains ‘negative’. This reflects our internal focus on growth as well as a reduction in our market sale programme in response to ongoing uncertainties around Brexit. 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: “This rating reflects the ambitious commitment for a housing provider of our size to deliver 365 homes a year, on top of the 10,500 we already provide. We are proud of our track record and believe it’s right to have bold plans for the future.
“In the current climate it has never been more important to address the shortfall in available housing across our region. We will continue to invest wisely so we can continue to play our part in providing more great quality affordable homes that people feel proud to live in.”
Earlier this year we secured a place for the fifth year running in the Inside Housing Top 50 Biggest Builders survey. We are also one of 14 housing associations nationwide to partner with Legal & General in their new affordable housing initiative.