In its rating statement S&P add that they expect the organisation’s financial position to further strengthen over the next two years. Futures’ outlook has however changed to negative to reflect the unavoidable impact of high inflation and the association’s plans to invest more in the energy performance of its homes which will deliver benefits for both customers and the environment.
Commenting on the announcement, Group Chair Mike Stevenson said: “We’re delighted to retain our positive credit rating, particularly as the news comes hot on the heels of the Regulator of Social Housing awarding us the much-coveted G1/V1 rating. Together these assessments should reassure our funders and our customers that we remain a robust and well managed organisation that is in a very strong position to achieve our goal of providing fantastic homes and services for our customers across the East Midlands.”
“These are challenging times for all housing associations,” added Ian Skipp, Group Finance & Resources Director. “Inflation is pushing up our costs while many of our customers are feeling the squeeze on their personal finances and struggling to keep up with their rent. At the same time our sector rightly faces growing scrutiny and pressure to improve performance. In that context we’re proud to be able to reassure the financial markets that we are riding out what many see as a perfect storm facing our industry.”