We’re delighted to announce that we have achieved an AA- credit rating from S&P Global for the ninth consecutive year, remaining the only UK housing association to maintain such a high rating. S&P Global reaffirmed Local Space’s strong financial position, highlighting our stable business model and long-term partnerships with local authorities, which provides guaranteed rental income.
S&P Global also gave a very strong assessment of Local Space’s financial and asset management, as well as our strategic focus on acquiring and refurbishing homes, rather than developing new homes, which shield us from development risks.
The rating comes at an important time, as we begin to implement our Corporate Strategy 2025-30, which sets out bold goals, meets new consumer standards, and strengthens our mission to support and improve the lives of everyone who lives in a Local Space home. This includes managing more homes currently leased to the London Borough of Newham.
Josie Parsons, Chief Executive of Local Space, says: “We have achieved an AA- credit rating from S&P Global for the ninth year, along with a stable 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.”