The S&P rating describes the general credit-worthiness of a company that issues debt. Affirming the A+ rating once again means that CKH remains in the top tier of rated social landlords.
The report noted that although the COVID-19 pandemic, combined with a higher cost base, will strain profitability at CKH over the next three years, average earnings before interest margins will remain strong.
S&P also noted that the company's investment in technology to improve service provision has offered cost-efficiency benefits during the period of rent cuts. Low vacancy rates and the experience of the team of directors were also praised.
Claire Higgins, chief executive of CKH, said: “We are absolutely thrilled to have retained our A+ rating, particularly in such trying times. Our board, directors and employees across the company have shown exceptional fortitude to ensure we react with both prudence and agility to the ever changing landscape in which we work.
“We are continuing to work hard to maintain our financial strength and stability to not only ensure the security of our tenants, but also to build the affordable homes that are desperately needed across the region while still providing the support services and community investment we are so proud of. And now, more than ever, we are seeing the importance of the community commitment shown by housing associations such as ourselves in ensuring the most vulnerable in society are protected.”