Local Space secures top credit rating eighth year running with return to stable outlook

We’re proud to announce that we have achieved an AA- credit rating from S&P Global for the eighth consecutive year, with an improvement to our outlook to stable. 


We are currently the only UK housing association to achieve such a rating which is due to our robust rent guarantees, effective management of long-term liquidity and timely access to fund markets.  


S&P stated that the rating reflects Local Space’s unique business model and the arrangement with local authorities and its unique operating model will continue to support strong financial performance. The outlook has returned to stable following a period of refinancing which has exchanged variable for fixed rate funding. 


The rating enables us to continue to provide safe and quality homes for those in need and affirms that our rental income is guaranteed by our local authority partners, which makes it very secure in S&P’s terms. It also helps councils keep their temporary accommodation costs down because they don’t have to resort to higher priced temporary accommodation provided by the private sector. 


Josie Parsons, Local Space’s Chief Executive, said: “We have achieved an AA- credit rating from S&P for the eighth year, along with a positive outlook from the global ratings agency, this is due to our very strong liquidity and stable debt levels, which given the ongoing challenging economic environment, is a real achievement. Crucially, it means we’re able to continue to deliver high-quality settled accommodation and help those facing homelessness in East London, working with our partner organisations.” 

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