Posted on 23 July 2021
We’re delighted that S&P Global has upgraded our credit rating from A (stable) to A+ (stable).
The upgrade reflects our shift in strategy over the last few years of reducing risk and improving our ability to withstand severe stresses. Our strategic partnerships are removing a significant amount of future sales risk by forward selling to institutional investors. We’ve also completed our four-year debt refinancing programme, which has reduced the amount of interest we pay significantly.
Neal Ackcral, Interim Chief Executive Officer, said: “We’ve made significant progress in working with strategic partners and institutional investors to deliver more homes, while at the same time reducing the risk to Hyde’s balance sheet and protecting our social housing assets. Despite the challenges the sector faces in building safety and the green agenda, our forecasts show our metrics improving. We’re very pleased S&P has recognised our strategy to reduce risk, with the positive change in our rating.”
This rating is in addition to our A+ rating with a stable outlook from Fitch Ratings.
Read the full Standard and Poor’s credit report.