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Housing association maintains A+ credit rating

AN ‘A+’ rating with stable outlook has been maintained by Essex housing association, CHP, after the company’s finances were analysed by the world renowned credit agency Standard & Poor’s.

In Standard & Poor’s Global Ratings report, the agency stated that CHP shows a ‘stable outlook and reflects our expectation that the company will maintain strong profitability’ and that it will ‘control its debt level over the next two years.’

The Standard & Poor’s report also goes on to state that CHP ‘shows a very strong enterprise profile underpinned by high housing demand in its areas of operation as well as a strong financial profile reflected by high margins.’

Recently published on its website, CHP’s 2016 – 2020 Corporate Plan details its commitment to its residents by making sure that the company’s ‘finances are effectively managed and wisely invested to ensure the company is sustainable in the long-term.’

“This is an absolutely fantastic outcome for us,” said Paul Edwards, CHP Director of Resources. “Maintaining an A+ credit rating in this environment demonstrates that the company is financially stable and also signifies the confidence of Standard & Poor’s in our work - namely delivering a range of high-quality homes and a first class services to our residents. The credit rating is a great signal to investors and will help us fund CHP’s future growth programme.”

Currently owning and managing almost 9,200 homes, CHP has expanded its area of operations countywide since its inception and now works with 13 of the 14 local authorities in Essex.

After securing a £200 million public bond in 2013 and establishing its development subsidiaries – Myriad Homes and build company Myriad Housing – CHP is aiming to become the leading provider of affordable homes in the county by owning and managing over 10,000 properties by 2020.