RHP Group credit rating
On 27 June, following the result of the EU referendum, Standard and Poor’s lowered the unsolicited long-term rating on the United Kingdom to 'AA' (negative) from 'AAA' (negative). As a result of this, on 4 July, RHP’s long-term rating has been lowered to ‘AA-’(stable) from ‘AA’(negative). At the same time, the long-term issue rating on RHP Finance PLC's £175 million senior secured bond was lowered to 'AA-' from 'AA'.
RHP’s underlying standalone credit profile remains unchanged and S&P comment in their media release ‘The stable outlook reflects our base-case expectation that RHP will continue to demonstrate a very strong enterprise profile and strong financial profile over the next two years’.
RHP’s Executive Director of Finance Phil Day states: “This news does not change our strategy, the rating adjustment is purely reflective of the result of the referendum and Standard and Poor’s analysis of the possible impact upon the UK economy. We continue to focus on achieving innovation through service and improving our financial profile in order to support further growth. We remain strongly committed to investing at least £250m in providing more affordable homes over the next eight years.”