We're pleased to share that we've maintained our ‘A+’ credit rating in a review announced by the agency Standard & Poor’s (S&P).
Due to an increased investment in existing homes, together with inflationary pressures, the outlook has been revised from ‘stable’ to ‘negative’.
A report published by S&P states:
“In our view, RHP's management has strong expertise and demonstrates good adaptation capabilities, as shown by its recent revisions to the business plan that addressed multiple challenges, such as inflation and cost increases.”
S&P also affirmed an 'A+' issue rating on the £275 million senior secured debt issued by RHP's funding vehicle, RHP Finance PLC.
Corinna Bishopp, RHP’s Executive Director of Finance said: “We’re proud to have retained an A+ rating, particularly in these financially challenging times. As well as a commitment to provide more much needed affordable homes in the local area, an important part of our five-year strategy is to invest more in existing homes, with a particular focus on fire safety works and bringing all homes up to Energy Performance Certificate C levels by 2030.”
RHP plans to provide 1,500 homes over the next ten years for social rent and Shared Ownership.