Karbon Homes S&P rating
Scott Martin, Executive Director of Resources at Karbon Homes said: “Despite the change in our rating we are pleased to have maintained an investment grade, and with very strong liquidity, Karbon remains in a robust financial position.
“Whilst we are naturally disappointed, we understand the external factors S&P has highlighted regarding the impact the coronavirus pandemic is having on the North East economy, our main area of operation.
“We have robust business continuity plans in place for events such as this and undertake regular stress testing for a range of scenarios. Our dedicated teams have successfully maintained essential services to customers throughout this period whilst also continuing to provide vital advice and support.
“Our investors consider us an attractive prospect because of the strong demand for social housing in the North East and Yorkshire and we are well placed to support our communities in these challenging times.
“We continue with our mission to provide people with a strong foundation for life by focusing on delivering excellent customer service, providing as many quality homes as we can, and shaping strong, sustainable places. This change does not alter our 30-year business plan or strategy.”