A2Dominion Housing Group Ltd A2Dominion's regulatory rating updated
31 Octubre 2018 - 3:32AM
RNS Non-Regulatory
TIDM54XE
A2Dominion Housing Group Ltd
30 October 2018
A2Dominion's regulatory rating updated
The housing regulator has today announced that it has updated
A2Dominion Group's regulatory grading to G1 for governance and V2
for financial viability, following an annual stability
assessment.
The Regulator of Social Housing reconfirmed the highest grade
for Governance and a change from V1 as part of the annual review of
the Group's financial returns.
The report said: "The regulator has assurance that A2Dominion
complies with the financial viability element of the governance and
financial viability standard. A2Dominion's financial plans are
consistent with, and support, its financial strategy."
It added: "As a consequence of a large and diverse development
programme, A2Dominion is facing a range of risks and a high level
of exposure to sales" and "still retains capacity to deal with
downside risk, but this capacity has been reduced".
According to recent reports, the regulator has re-graded a large
number of associations' viability ratings from V1 to V2 over the
past 18 months, due to the providers taking on more risk to
cross-subsidise social and affordable housing delivery through
open-market activity.
Darrell Mercer, A2Dominion's Chief Executive, said: "We
recognise that having one of the sector's largest development
pipelines comes with a certain amount of risk, but we have a strong
risk management framework in place to support this activity.
"We have also retained our G1 rating for governance and are
confident of our resilience to effectively manage any adverse
impact, whilst ensuring continued compliance with the regulator's
standards.
"We nonetheless remain committed to building private homes for
sale as a means to cross-subsidising the development of new
affordable housing. As a result, we now have our largest ever
development programme with 7,800 homes in the pipeline, helping us
to continue to meet a wide range of housing needs."
A2Dominion achieved a surplus of GBP92.5m in 2018 and an
operating margin of 33%. It also retained its Fitch A+ credit
rating, one of the highest in the sector.
Notes to editors
About A2Dominion
A2Dominion is a residential property group with 37,000 homes
across London and southern England, and thousands more in the
development pipeline.
The Group provides affordable, private and social rented homes,
student, NHS and temporary accommodation, as well as supported
housing and homes for older people.
It also offers high-quality sustainable homes for sale and
shared ownership, available through its FABRICA by A2Dominion
brand.
Whilst the Group takes a commercial approach to housebuilding,
all of its profits are used for a social purpose, with millions of
pounds reinvested into delivering more new homes and better
services for customers.
A2Dominion is part of the g15, a group of the largest housing
providers in London.
Visit www.a2dominion.co.uk.
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END
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