Credit ratings praise for Peterborough’s Cross Keys Homes

A housing association has been told its focus on high maintenance standards for its homes has left it well placed to tackle environmental requirements.

By Paul Grinnell
Tuesday, 1st June 2021, 5:00 am
Claire Higgins, chief executive of Cross Keys Homes. ENGEMN00120130529145630
Claire Higgins, chief executive of Cross Keys Homes. ENGEMN00120130529145630

The commitment of Cross Keys Homes (CKH), in Shrewsbury Avenue, in Woodston, to quality standards has been recognised by the credit rating agency Standard and Poor’s Global Ratings (S&P).

S&P, which has reaffirmed CKH’s A+ credit rating for the fifth year running, says the association will be in a better position to tackle some environmental requirements than some of its peers.

Most of CKH’s stock already meets the environmental target Energy Performance Certificate C, which needs to be met by all landlords by 2030.

Claire Higgins, chief executive of CKH, said: “We’re thrilled to have retained our A+ rating, especially after the year of the pandemic.”

The S&P also reports that CKH’s vacant units account for less than one per cent of rent and service charge receivable while the association has also managed to reduce its gross arrears position to below four per cent of rent and service charge receivable over the past two years.

S&P has also affirmed its ‘A+’ issue rating on the £250 million bond which was issued in September 2014 by Cambridgeshire Housing Capital PLC - CKH’s funding vehicle.

Cambridgeshire Housing Capital PLC was set up for the sole purpose of issuing bonds and lending the proceeds to CKH.

Mrs Higgins said: “It is a great confirmation of our strong business strategy and commitment to our residents and communities.

“I am immensely proud of the hard work and passion of CKH’s directors and all our employees, who have displayed the most amazing dedication to the company and great agility to react to the continually changing world in which we operate.

“As a business, we balance risk and investment to ensure we continue to build the affordable homes that are so desperately needed across the region while still providing the support and community investment we are so proud of.

“And all of this while maintaining our financial strength and ensuring continued high-quality service delivery for our residents.”