IDA results confirmed

Following an In Depth Assessment (IDA) by the Regulator for Social Housing earlier this year, the Group has been awarded G1 V2 status.

An IDA considers how well an organisation is governed as well as its financial viability, with the Group’s last assessment taking place in 2019, when we were awarded G1V1.

Our G1 status has been retained, confirming that we have the highest possible rating for governance. Although we’ve seen our financial viability move down to V2, it was a change that we’d anticipated based on the current economic challenges.

Rob Griffiths, the Group’s Deputy CEO and Chief Financial Officer, said: “The housing sector, like many others, is clearly facing a set of complex external circumstances. We’re pleased to retain our G1 status for governance while the V2 assessment is something we’d anticipated based on external economic factors and our ambitious development programme.
“It’s clear that our change in rating for financial viability is due to the exceptional economic climate we’re operating in, but we have strong treasury management arrangements in place to manage these risks.

“We’re confident that our robust financial processes and procedures, allied with strong governance, will help us successfully navigate these challenging times while retaining our commitment to provide the best possible homes and services to our customers.”

The Group has also retained an A3 credit rating following a recent credit assessment from credit ratings agency, Moody's. This will help support our future investment plans to develop new homes and improve our existing properties.

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