Credit agency, Standard and Poor’s (S&P), has issued Notting Hill Housing Trust with a AA rating, in its first assessment of the organisation.
In its report issued today (20 October), S&P has given Notting Hill Housing Trust, the parent body of Notting Hill Housing Group, this strong rating based on a number of factors including:
- The extremely high demand for affordable housing in London
- Its solid track record of managing large development programmes
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Its strong financial performance over the last five years.
Group Finance Director, Paul Phillips, commented, "This is great news and confirms that we have strong capacity to meet our financial commitments. We believe that this will give assurance of our credit strength to our investors, present and future. This should help us when we want to secure new funding to support our business of providing more homes for Londoners at a time when housing is in the Capital is in short supply.”
This latest boost comes in the same year as the Group announced arecord surplus of £65.7m and was selected deliver one of Europe’s largest regeneration projects at the Aylesbury Estate in Southwark. In July, it secured the largest grant (£77.4m) from the Greater London Authority to build 2,250 new affordable homes in London by 2018.