42TI Myriad 43

TIDM42TI

RNS Number : 6841G

Myriad Capital PLC

31 May 2017

Myriad Capital PLC

Housing association retains financial viability rating

ESSEX housing association and parent company of Myriad Capital PLC, Chelmer Housing Partnership Ltd (CHP) has retained its top V1 financial viability rating following an in-depth assessment (IDA) by the Homes and Communities Agency (HCA), the social housing regulator.

CHP is delighted that the HCA recognised once again that the company meets all the financial viability requirements and has the capacity to effectively mitigate any risks.

The HCA found that CHP's financial viability was unchanged; its financial plans support its financial strategy and that the company has sufficient security in place.

They were also assured that CHP, which has an A+ credit rating with Standard and Poor's, is "forecast to continue to meet its financial covenants under a wide range of scenarios."

However, CHP is strengthening its governance arrangements after receiving a G2 governance grading in the HCA's regulatory judgement released today (Wednesday May 31st 2017).

In returning the compliant G2 governance grading the HCA said: "We have assurance that CHP has a clear understanding of its operating markets and key risks. However, it needs to improve the quality of risk reporting...which enables the board to gain assurance that the appropriate controls and actions are in place."

CHP has a detailed improvement plan in place to regain its G1 rating by early 2018 and is already working hard to action this.

Ursula Heelis, Chair of CHP's Board of Trustees, said: "CHP meets the regulator's governance requirements but we recognise that we need to improve in some areas.

"I am confident that our action plan, together with our strong record as a high-performing organisation, will put us in an excellent position to regain our G1 rating soon. I welcome this opportunity to review our processes to ensure we continue to provide an excellent service to all of our residents, stakeholders and investors."

-Ends-

Editors Notes:

Based in Chelmsford, CHP is a charitable housing association in Essex. It is one of about 2,000 housing associations in the UK providing affordable properties to rent and buy.

Since its inception, CHP now owns and manages around 9,000 properties and now works in 13 of the 14 of the county's local authorities.

For more information please contact:

Chris Davies,

PR & Marketing Co-ordinator,

E-mail: Chris.Davies@chp.org.uk,

Tel: (01245) 613152.

For more details about CHP please visit: www.chp.org.uk.

This information is provided by RNS

The company news service from the London Stock Exchange

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