Local Space celebrates the achievement of an AA- credit rating from S&P on 26th June 2020 for the fourth year. Local Space remains the only UK Housing association to have an S&P rating at AA-.
Local Space success is based on a number of factors. The Local Space business model is supported by robust rent guarantees. The Board at Local Space manages timely access to the fund markets and has demonstrated the ability to manage effective long-term liquidity. Despite the uncertainty of the UK economy due to the Covid-19 pandemic S&P AA- rating comes with a Stable outlook for the future.
Local Space is now in its final year of its 800 homes growth programme where it partnered with Newham Council. It is also working with Waltham Forest and Hackney Councils on supporting them to house more homeless people in East London.
Local Space continues to secure funding streams. Local Space confirmed its Facilities Agreement with Lloyds Bank to renew its £50m Tranche D Revolver Loan effective for 5 years from 29th May 2020. This is an important step in delivering the Local Space Treasury Strategy to ensure sufficient liquidity to meet its business objectives in 2021/22 and beyond.
Philip Sargeaunt, Finance Director at Local Space, said, “this is all great news enabling us to continue to support the most vulnerable members of our society at a time when the UK economy has been hit by a worldwide pandemic”.