emh group has top credit rating affirmed
Leicestershire-based social housing and care provider emh group has had its A+ rating and stable outlook affirmed by ratings agency Standard & Poor’s (S&P).
In the report S&P recognises that the group plays an important role in the provision of social housing in the UK, which has increased its financial strength. In 2018 the group was named as one of Homes England’s strategic partners, securing £30.5m in grant funding to deliver affordable homes over four years. The group secured a further £12.9m as part of an extension of the partnership in 2019. Last year it also secured a £100m loan from the Pension Insurance Corporation, arranged by its treasury advisors, Savills. These injections of funds will enable the group to increase its development programme, and will see around 2500 affordable homes built in the East Midlands by 2023.
The report also highlighted that the group’s operational performance continues to improve, particularly around areas impacted by Universal Credit.
Andrew Kilby, emh group Executive Director of Finance, said: “This rating reflects our strong financial position, and the fact that we are both attractive to investors and a trusted government partner on the delivery of social housing.”