Credit worthiness

Standard & Poor’s Credit Rating – July 2021

On 23 July 2021, S&P published the updated rating for Housing 21 as ‘A-’ with a stable outlook.

Andy Howarth, Chief Financial Officer for Housing 21 stated:

The rating recognised the impact that the move to social rents will have on our financial metrics, but the strength of our core business is also recognised with a stable outlook. Our strategy is to continue to deliver high quality housing solutions to older people of modest means. We have excellent satisfaction scores in all our properties and our integrated care services are rated higher than our peers. With a high level of demand for our homes and services we are confident that we have a robust business model supported with an investment-grade rating.”

The Standard and Poor’s rating report included the following comments:

“The stable outlook reflects our view that strong demand for H21's services will support gradual recovery of the group's profitability and contain further weakening of its debt metrics. It also reflects our expectation that the group's liquidity position will remain solid.”

We expect H21 will continue benefitting from solid demand for its services and remain focused on providing retirement and extra care housing, as well as care services. Nonetheless, as a result of the group's decision to convert all its affordable rental units into social rental units, we expect the group's profitability will be weaker than we previously anticipated. This will keep H21's leverage high.

H21's strategy continues to largely focus on its retirement housing and extra care housing, as well as providing care services, where it is a national leading provider. The group's focus on its core business supports our view of predictable revenue streams and low industry risk.”

The Regulator of Social Housing (RoSH) Judgements

RoSH rating – June 2020

The Regulator of Social Housing (RoSH) downgraded Housing 21 to a G2 rating.

Governance Rating – G2 – means the provider meets the regulator’s governance requirements but needs to improve some aspects of its governance arrangements to support continued compliance.

Viability Rating – V1 – means the provider meets the regulator’s viability requirements and has the financial capacity to deal with a wide range of adverse scenarios.

RoSH rating - March 2019

The Regulator of Social Housing (RoSH) affirmed Housing 21’s top regulatory grading.

Governance Rating – G1 – means the provider meets the regulator’s governance standards

Viability Rating – V1 – means the provider meets the regulators’ viability standards and has the financial capacity to deal with a wide range of adverse scenarios.

RoSH rating – December 2016

The Regulator of Social Housing (RoSH) affirmed Housing & Care 21’s top regulatory grading.

Governance Rating – G1 – means the provider meets the regulator’s governance standards

Viability Rating – V1 – means the provider meets the regulators’ viability standards and has the financial capacity to deal with a wide range of adverse scenarios.

RoSH rating - May 2015

The Regulator of Social Housing (RoSH) awarded top regulatory grading to Housing & Care 21 in May 2015.

  • Governance Rating – G1
  • Viability Rating – V1
  • Housing 21 S&P Credit Rating July 2021 PDF 133.3KB
  • Housing 21 S&P Credit Rating July 2020 PDF 131.2KB
  • Housing 21 S&P Credit Rating July 2019 PDF 111.4KB
  • Housing 21 S&P Credit Rating July 2018 PDF 281.7KB
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