S&P has confirmed a rating of ‘A- stable outlook’ has been applied to Catalyst Housing Limited. S&P recognised the quality and strength of our asset base and operational performance, alongside our continued strong liquidity position, this supported by a high level of undrawn facilities and cash balances. S&P has also recognised that one-off costs relating to the recent merger and fire safety investment are expected to have an impact on Catalyst’s 2020 financial statements, which are due to be published in the coming weeks. Catalyst’s development programme is committed to delivering new homes both in and out of London, with S&P recognising delivery outside of the capital will see lower sales values.
Ian McDermott, Chief Executive of Catalyst said, “2020 continues to be a challenging year for our customers and many in the housing sector, and Catalyst is no different. Despite these challenges, Catalyst has delivered excellent services to our customers, and sustained a steady income from our core business. Catalyst’s executive team and I are committed to ensuring the safety of our customers and their homes. As such we stepped up fire safety works in 2019/20 and we will continue to closely manage our remediation programme. We also remain committed to supporting our most vulnerable customers and communities grow through employment and training opportunities and initiatives.
“We continue to drive value for money and efficiency in all that we do, whilst remaining an organisation that delivers on its core social purpose.”
Catalyst will be arranging an investor briefing in the autumn to run through the impact of merger accounting and our mid-year results.
Follow this link to find the organisation’s recent RNS reach update on our approach to the coronavirus epidemic.