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RNS Number : 8636F

RHP Finance PLC

20 July 2021

RHP retains its 'A+' credit rating

South-West London housing provider RHP has maintained its 'A+' rating in a review announced by the agency Standard & Poor's (S&P).

S&P affirmed the rating with a stable outlook, stating it was underpinned by RHP's "...focus on low-risk traditional housing activities, its very strong market dependencies, and its highly experienced management team."

In their announcement S&P noted: "Increased investment to improve the energy efficiency of its existing stock will weaken profitability during the forecast period. This will be offset by the group's excellent liquidity position and solid interest coverage. The stable outlook indicates that we expect RHP's management to deliver its investment and development plan as per our base case without putting undue pressure on credit metrics."

S&P also affirmed an 'A+' issue rating on the GBP275 million senior secured debt issued by RHP's funding vehicle, RHP Finance PLC.

RHP is one of a few housing groups that hold a standalone credit rating of A+, which means they do not benefit from an uplift to their rating as a result of government support. This underlines RHP's robust credit strength despite the current challenging environment.

Corinna Bishopp, Executive Director of Finance at RHP, said: "We're really excited to receive this reaffirmation of our credit rating. Our focus in the last year was ensuring we supported our customers through truly unique and difficult times; however we also delivered a strong and consistent financial performance in 2020/21. We are confident of our ongoing financial and business resilience in the face of the current uncertainties and we're delighted S&P have confirmed this view.

RHP plans to provide around 600 new homes by 2023 for social rent, Shared Ownership and the intermediate market within their operating area of South West London.

For further information please contact investor.relations@rhp.org.uk

RHP

-- RHP Group is a London-based housing company that provides around 10,000 affordable homes for social rent and shared ownership.

-- Their vision is the be one of the best service providers in the UK and an excellent employer.

-- RHP have ranked in the top ten of the Great Place to Work list twice over the past five years and achieved Investors in People Platinum status for the second time in 2021.

-- For more information about RHP please visit www.rhp.org.uk and follow us on Twitter @RHP_UK.

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July 20, 2021 13:14 ET (17:14 GMT)

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