Governance and Viability Ratings
In its latest round of stability checks, the Regulator of Social Housing has regraded the financial viability rating of South Lakes Housing from a V1 rating to a V2 rating, which reflects that we remain compliant with their strict standards of Governance and Viability.
The Regulator assesses all housing associations regularly against aspects of the Governance and Financial Viability Standard with ratings ranging from one to four in each category. SLH has been assessed as G1/V1 since its inception in 2012. We are pleased that the regulator continues to recognise the effective governance of South Lakes Housing retaining our G1 rating. The rating of V2 reflects that we are successfully managing increased risk to deliver our ambitious plans.
The regulator has confirmed that we continue to comply with the viability standard highlighting that we have an adequately funded and stress tested business plan with sufficient security in place to meet financial covenants.
We have an ambitious business strategy to improve energy efficiency and maintain the quality and safety of our customers’ homes whilst continuing to deliver new affordable homes to ease the housing crisis. This commitment requires significant investment which the regulator has acknowledged in their “strapline” judgement, highlighting the reduced financial capacity these investments bring and the need to manage this risk in the context of economic uncertainty whilst ensuring that we have sufficient financial capacity to respond to any further adverse events.
We are proud of our ambitious plans to improve the quality and affordability of our customers’ homes and view the regulator’s judgement as a fair reflection of our position and that of the sector. The Board and Executive Team will continue to closely manage the risks associated with the delivery of our plan particularly in the current economic environment and will ensure that customer outcomes, safety and compliance remain a priority.
