Yarlington successfully retains Moody’s rating
February 23, 2017
Yarlington Housing Group (Yarlington) has successfully retained its A2 Moody’s rating.
The Moody’s opinion reported that the rating assigned to Yarlington was a reflection of its ‘solid interest coverage ratio which is expected to stay above other rated peers’, ‘strong control framework’ and, ‘historically strong and stable operating performance’.
Chief Executive, Gary Orr, said; “The Moody’s rating reflects our positive financial standing and track record in delivery.”
The Moody’s rating follows a record breaking set of financial results for Yarlington (for the year ending 31 March 2016) and the success of maintaining its G1/V1 rating, the highest regulatory status, after an ‘In-Depth Assessment’ (IDA) by regulator, The Homes and Communities Agency (HCA) in October 2016.
Yarlington has earmarked £147.8m for new home development between now and 2021. This includes a £3m investment from government agency, the Homes and Communities Agency (HCA).
“In April, we will launch our new corporate strategy - Yarlington Next-Gen – which signals a fundamental step change in the way we work. There is a UK-wide housing crisis, in the South West alone people would need to earn ten times their average salary in order to afford an average home in the region. By changing how we work and by future-proofing our organisation, we hope we can continue to support people into affordable homes and ultimately help towards solving the housing crisis.”