Plymouth Community Homes, the largest social housing landlord in Plymouth, has retained its A+ credit rating for another year, with the outlook revised from ‘positive’ to ‘stable’ in recognition of the organisation’s plans for major investment in both new and existing homes.
The renewed rating was published on 23 January by S&P Global following a rigorous evaluation and assessment of PCH’s financial performance and future plans, as well as a review of the organisation’s operational track record and governance.
It is a significant achievement for any business to achieve, and maintain, an A+ credit rating, demonstrating that sound and resilient business planning is in place, and the rating helps showcase an organisation’s potential as an attractive option for investors.
Last year, PCH maintained its A+ rating with the outlook being ‘positive’, but this year, S&P Global adjusted the outlook to ‘stable’ in recognition of the organisation’s increased investment focus for 2026-2028, which impacts on the business debt profile.
Nick Jackson, Executive Director of Business Services at PCH, said: “We are very pleased with the outcome of the S&P inspection, and to see PCH retain its A+ credit rating for the tenth consecutive year shows that our approach of both investing in our core services and keeping focus on delivering value for money is an effective model. This means PCH remains a very attractive option for investors which is critical as we move forward with our Growth Strategy to deliver 1,000 new homes for Plymouth and the surrounding area over the next five years.
“The adjusted outlook recognises our clear intention to invest significantly in upgrading our existing homes, and in developing and delivering more new homes to help meet the need for affordable housing locally.
“We are waiting for the expected Government decision on rent convergence to be announced shortly, which will help us financially and ensure our rents – which remain the fourth lowest in England – are fair and equal for all tenants. We are also optimistic on the future provision of Government grant support through Homes England to help us progress with our ambitions to increase the development of new affordable homes, as well as potential grant support to help support our work to retrofit existing homes and meet energy efficiency targets.”
Jonathan Cowie, Chief Executive of PCH, added: “I’m delighted to see PCH again achieve an A+ credit rating thanks to the thoughtful and balanced approach we continue to maintain as an organisation, and the careful stewardship of our finance team alongside our Board and directors.
“The outlook reflects our ongoing work to develop a new 10-year strategic business plan with ambitions to continue increasing the number of affordable homes we can deliver in the South West to meet housing need, whilst also increasing investment in our existing homes to ensure we provide warm, comfortable homes for our residents.”
