It's A+ again!
We have retained our A+ rating from Standard and Poor’s Global Ratings (S&P) for the fifth continuous year. We are proud to remain in the top tier of rated social landlords, despite operating in a challenging climate.
S&P recognised our strong focus on maintaining high property condition standards, which will place us in a better position to tackle some environmental requirements compared with our peers. Almost all of our stock already meets the environmental target of having an Energy Performance Certificate C, which needs to be met by all landlords by 2030.
We also benefit from stronger operational metrics than many of our peers, with vacant units accounting for less than 1% of rent and service charge receivable. We have also managed to reduce our gross arrears position to below 4% of rent and service charge receivable over the past two years.
S&P also acknowledged that we have a consistent corporate strategy and monitors risks through a comprehensive risk management strategy and standards together with the benefit of a strong management team.
At the same time, S&P affirmed their 'A+' issue rating on the £250 million bond which was first issued in September 2014 by Cambridgeshire Housing Capital PLC, our funding vehicle. Cambridgeshire Housing Capital PLC was set up for the sole purpose of issuing bonds and lending the proceeds to CKH.
Claire Higgins, our Chief Executive, said: “We are absolutely thrilled to have retained our A+ rating, especially after the most remarkable year that the pandemic has brought. It is a great confirmation of our strong business strategy and commitment to our residents and communities. I am immensely proud of the hard work and passion of CKH’s Directors and all our employees, who have displayed the most amazing dedication to the company and great agility to react to the continually changing world in which we operate.
“As a business, we balance risk and investment to ensure we continue to build the affordable homes that are so desperately needed across the region while still providing the support and community investment we are so proud of. And all of this while maintaining our financial strength and ensuring continued high-quality service delivery for our residents.”