Civitas Social Housing PLC Investment Grade Credit Rating Affirmed (5105B)
February 14 2022 - 2:00AM
UK Regulatory
TIDMCSH
RNS Number : 5105B
Civitas Social Housing PLC
14 February 2022
14 February 2022
CIVITAS SOCIAL HOUSING PLC
Investment Grade Credit Rating Affirmed
Fitch Ratings has affirmed Civitas Social Housing PLC's
Long-Term Issuer Default Rating (IDR) at 'A-' with a Stable
Outlook, and its senior secured rating at 'A'
The Board of Civitas Social Housing PLC ("Civitas" or the
"Company"), the UK's leading care-based and healthcare REIT, is
pleased to announce that Fitch Ratings Limited ("Fitch") has
affirmed the Company's existing Investment Grade rating of "A"
(senior secured) and a Long-Term IDR (Issuer Default Rating) of
"A-" with a Stable Outlook. Fitch published their first rating on
the Company in March 2021 with the same Investment Grade
distinctions.
The latest Fitch report published on 10(th) February 2022
highlights the following attributes which it observes in the
Company and its investment strategy:
-- A net debt/EDITDA ratio of under 8.0x and interest cover around 5.0x;
-- Assisting local authorities to meet their obligations to
provide accommodation and support for vulnerable adults with
significant care needs;
-- Facilitating provision that is at a lower cost to the State
than other appropriate alternatives such as hospital settings;
-- Long-term contracts reflecting the on-going need for these
specialist assets and provision of care for longer-living
tenants.
The Fitch Rating Action Commentary can be read in full here
.
ENDS
For further information, please contact:
Civitas Investment Management
Limited
Andrew Dawber Tel: +44 (0)20 3058 4846
Paul Bridge Tel: +44 (0)20 3058 4844
Panmure Gordon
Sapna Shah Tel: +44 (0)20 7886 2783
Tom Scrivens Tel: +44 (0) 20 7886 2648
Liberum Capital Limited
Chris Clarke / Darren Vickers Tel: +44 (0) 20 3100 2000
/ Owen Matthews
Buchanan
Helen Tarbet / Henry Wilson Tel: +44 (0) 20 7466 5000
Hannah Ratcliff / George Beale civitas@buchanan.uk.com
Notes:
Civitas Social Housing PLC (CSH) was created in 2016 by Civitas
Investment Management Limited as the first dedicated London listed
REIT to raise long-term, sustainable, institutional capital to
invest in care-based social homes and healthcare facilities across
the UK. So far, Civitas has completed more than 120 individual
transactions to build the largest portfolio of its kind that has
been independently valued at GBP946.3million (30 September 2021).
CSH now provides homes for 4,404 working age adults with long-term
care needs, in 649 bespoke properties that are supported by 119
specialist care providers, 18 approved providers and working with
over 178 individual local authorities.
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END
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