In its renewed rating published on January 21, S&P Global has maintained its A+ credit rating with a stable outlook for Plymouth Community Homes (PCH).
The judgement includes an assessment of our past financial performance and future plans as well as a review of our operational track record and governance.
It is a significant achievement to maintain an A+ rating in the current difficult economic climate.
In response to the announcement, Chief Executive, John Clark, said: “We’re extremely pleased that our financial position has been confirmed by S&P particularly in the current challenging climate we all find ourselves in.
“We have worked continuously over the years to retain our social values whilst being more commercial in our business activities. This has enabled us to address the fire risks in our tall towers, develop more homes with our partners, complete significant major works programmes to maintain the high standards of our homes and all whilst continuing to provide high standards of service to our residents. This couldn’t have been achieved without the hard work, commitment and innovation of our staff team and the leadership and effective decision-making of our Board of Directors.”
Director for Business Services and Development, Nick Jackson, gave his reaction to the judgement, saying: “It is a significant achievement to maintain the rating with a stable outlook. We do not make huge surpluses but we are efficient and effective as an organisation and manage our finances and risks so that we can achieve our social objectives. We have managed the financial costs of recladding the Mount Wise Towers and steered through the financial uncertainties created by the Coronavirus pandemic. We have a fully funded plan supported by our bank lenders and international investors so we can continue investment in our existing homes creating a greener future for our residents as well as achieve our growth plans with new homes in and around Plymouth.
Mr Clark summed up by saying: “We see this latest judgement as public confirmation of our position as a leading, growing housing association with strong ambitions to build new homes and improve existing ones, and this rating will enable us to continue to deliver our ambitious plans. Whilst we are commercial and make good business decisions, we remain true to our social purpose - we are committed to doing the right thing, and providing homes and services that people want and can afford.”