Fitch credit rating reaffirmed as A with a stable outlook

17/05/2019

On the 15 May we received our Fitch rating, which reaffirmed our A rating with a positive watch.  

Fitch believes that we are still showing strong performance despite the challenges that have affected the sector over the last few years. The continued high demand for social and affordable housing, how we have implemented cost-efficiency measures should allow us to maintain revenue sufficient for covering our debts, as well as cross-subsidising our core business.

Their report states that we have maintained a strong performance, which we expect will improve, by continuing with our development plans. The profits from the sale of private sale units will be re-invested into the business so we can continue to build and provide affordable social units. About 80% of our total turnover continues to come from social housing lettings, despite increasing our sales and other non-social housing activity.