Recite Me

We've retained our single A (stable) credit rating

We've retained our single A (stable) credit rating

We’re pleased to announce that we have retained our single A (stable) credit rating from Standard & Poor’s (S&P)

Despite the challenging operating environment caused by the impact of the Covid-19 pandemic, Karbon remains in a strong financial position

Our robust business continuity plans and regular scenario testing throughout the financial year has contributed to this success.

We’re proud that our dedicated teams have successfully maintained our essential services to customers throughout this last year whilst also continuing to provide vital advice and support. We’ve also delivered much needed new, high-quality affordable housing and continued investing in our existing homes.

In its report, S&P commented on the challenges faced by both Karbon and other housing associations in controlling rent losses through voids and pressure on tenant arrears levels, especially in economic regions that may take longer to recover from the pandemic. S&P also recognise that the sector has challenges ahead in continuing to invest heavily in its existing homes so that standards remain high whilst also addressing the environmental targets set by the UK government.

However, S&P also recognise that Karbon has strengths in terms of its focus on traditional social housing activities and an experienced management team that will enable its performance from core activities to remain strong. Furthermore, Karbon has strong financial policies and cash resources to continue to support its ambitions.

Therefore, we are confident that this strong credit rating will enable us to continue with our mission to provide a strong foundation for life, helping people to shape and develop their own future through our three strategic aims of Homes, Customers, and Place.

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21 May 2021

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