The Regulator for Social Housing has issued today (14 December 2022) a series of regulatory judgements, including one which saw West Kent’s rating change from G1/V1 to G1/V2.
The Regulator ‘has assurance that West Kent Housing Association (West Kent) is compliant with the financial viability elements of the Governance and Viability Standard and that its financial plans are consistent with and support its financial strategy. West Kent has an adequately funded business plan, sufficient security, and is forecast to continue to meet its financial covenants.’
Maria Organ, Finance Director said, “Our financial plans reflect increasing investment in our existing homes as we work towards meeting Net Zero Carbon standards and in the short-term increased investment in our information technology systems.”
This key rating for the social housing sector, follows an annual stability check. This year’s viability regrade reflects the challenging economic environment and has resulted in similar judgements being issued to other housing associations across the country.
Tracy Allison, CEO said, “West Kent remains a financially strong and resilient organisation. The current economic climate is challenging, but we will continue to invest in our current homes, the communities where we operate and to build new homes. Our G1 rating from the Regulator reflects the good risk management and governance we have in place to support us in delivering these plans.”
For more information about West Kent please see our recent stakeholder newsletter here.