Plymouth Community Homes, the largest social housing landlord in Plymouth, has retained its A+ credit rating for another year and upgraded its outlook from stable to positive.
The renewed rating was published on 23 January by S&P Global following a rigorous evaluation and assessment of PCH’s past financial performance and future plans, as well as a review of the organisation’s operational track record and governance.
To maintain an A+ credit rating is a significant achievement for any business, particularly during a challenging economic climate, and the outlook upgrade to ‘positive’ demonstrates the commitment at PCH to maintaining a sound and resilient business approach whilst ensuring the organisation remains an attractive option for investors.
Nick Jackson, Executive Director of Business Services and Development at PCH, said: “This is an incredible result reflecting the ethos of focussing on core services and driving value for money.
“Although our operating margins are low, we have outstanding liquidity and debt metrics in comparison to many other similar organisations, and this result puts us in a very strong position to help secure future funding so we can invest in existing homes and develop and deliver more new affordable homes for local people in housing need.
“Our credit rating offers investors a clear indication that their investment is safe with us, and this will support us as we continue upgrading homes to become more energy-efficient, as well as enabling us to achieve our plans for growth and deliver 1,000 new homes for Plymouth and the surrounding area over the next five years.”
Jonathan Cowie, Chief Executive of PCH, added: “This is a truly excellent result which bucks the trend in the sector, and shows that our balanced approach to investing in our existing homes and services alongside developing more new homes for social housing is the right approach.
“I congratulate our finance teams for their careful stewardship and guidance, and thank our staff, Board and directors for all of their hard work and commitment.
“We have ambitious plans for the next five years as we deliver our strategic business plan and this credit rating will be essential in helping us to secure the necessary funding to deliver on our objectives, and on our Mission to ensure a high-quality home for everyone.”
This year, PCH also retained the highest rating of G1 for governance from the Regulator, and retained its V2 rating for financial viability.