RHP retains highest credit rating in sector
Standard and Poor’s (S&P) have reaffirmed our AA- credit rating with a stable outlook.
This result sets us apart from our UK counterparts, providing us with the highest rating awarded to any organisation in the sector.
In a statement released by S&P they commented that the rating was underpinned by our “very strong enterprise profile and still strong financial profile”. They continued to say: “A skilful and experienced management team and sound operational performance (as shown by low tenant arrears of less than 3% of rental income over 2014-2016) further support the rating”.
At the same time, S&P affirmed a 'AA-' issue rating on the £175 million bond (including £140 million already issued) that RHP issued in 2015.
RHP’s Executive Director of Finance, Phil Day comments: “We’re delighted to have our AA- credit rating re-affirmed. Our strategy, which is focussed upon enhancing our levels of financial performance, transforming our service delivery model whilst at the same time increasing the number of new affordable homes produced, has been well received. At a time of great change and uncertainty this result is a great affirmation of our approach and plans for the next few years which we look forward to delivering”.
In April this year we launched the UK’s first digital-only housing service, RHPi. Designed to lower cost whilst also improving service, the savings it will bring will help us invest £250M over the next eight years in providing new affordable homes.