Emh
Treasury plc
22 January 2025
Regulatory Grading Update and S&P
Global Ratings' credit rating January 2025
On
27th November following a periodic inspection the
Regulator published its regulatory judgements on
emh - the full report can be found
via this link
East Midlands Housing Group Limited (L4530) - Regulatory Judgement:
27 November 2024 - GOV.UK
Governance (G) - We have
retained the highest rating of G1
Viability (V) - We have retained a rating of
V2
Consumer (C) new
standard - We were awarded a rating of C2
Overall, the outcome was as expected
and positive.
We are pleased to have achieved the
strongest rating for Governance, demonstrating that we are a
well-run organisation.
The viability rating recognises that
we are investing more in our new and existing homes and like others
in the sector exposed to volatile economic conditions. This
reflects a solid foundation for emh and the ability to deliver on
our business objectives.
The Regulator acknowledged
significant areas of good practice in all areas, including many
covered by the Consumer Standards. We are aware that there is more
work to be done on some aspects of the Consumer Standards and
achieving a C2 rating on our first attempt is reasonable,
especially given the recent changes aimed at improving our
services. Many of these changes are still being embedded and will
deliver positive outcomes for our residents over the course of the
next year.
Our ambition is to reach a C1
rating, we have gained valuable insights from this experience and
work is already underway to develop an action plan to address all
the areas for improvement.
On
21st January 2025 S & P have confirmed emh's rating
remains A with a stable outlook.
Geoff Clarke, Exec Director of Finance, said he is delighted with
the outcome, which is a result of colleagues, across the business,
having an awareness of costs and associated risks within key areas
of the organisation. A copy of the full report is
available
here. S & P's rationale for
the decision is that:-
"The rating affirmation reflects our
view that emh's prudent cost planning and improvement in economic
conditions will help to stabilize financial metrics despite
increased investments in existing homes. We acknowledge the group
has a solid assessment of its stock condition and has secured grant
funding to perform the necessary works. We also think group's
proactive approach in securing development grants will partly lower
borrowing needs, preventing debt metrics from
weakening."
For further information please
contact:
Jonathan Dwyer
Head of Treasury and Financial
Planning
emh group
Telephone:
078 1133 2219
Email:
Jonathan.Dwyer@emh.co.uk