TIDM15HG

RNS Number : 7222J

Great Places Housing Group Limited

14 December 2022

Great Places Housing Group Limited has been regraded to G1/V2 by the Regulator of Social Housing as part of a review cycle that has seen around 50 other Registered Providers similarly regraded in recent months. The highest possible Governance rating is accompanied by a compliant Financial Viability V2 rating.

The economic environment in which the sector is operating has become significantly more challenging in recent months with rising inflation, rising interest rates, a cost-of-living crisis facing our customers and colleagues, as well as an uncertain housing market and supply chain challenges for our development, investment, and maintenance programmes. We will continue to balance our investment in new homes to tackle the housing crisis with the need to invest in existing properties to ensure our customers live in high quality homes.

The regrade to V2 for so many in the sector reflects that riskier environment, however retaining our G1 grade demonstrates our strong Governance and Financial Management arrangements that allows those increased risks to be effectively managed.

Our potential merger partner, Mosscare St Vincent's Housing Group (MSV) has been similarly regraded and these announcements will not affect our merger plans, instead they reinforce some of the reasons for merging, which include enhancing our financial resilience and strength by joining together.

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December 14, 2022 08:08 ET (13:08 GMT)

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