We are pleased to announce that we have maintained our A2 stable credit rating from Moody's Investors Service, emphasising the quality of our financial base and management.
Moody’s Investors Service is a leading provider of credit ratings, research, and risk analysis and the A2 rating puts LiveWest among the top ratings for finance in the sector.
Our ambitious plans to build 15,000 new homes as part of our merger business case have been extended to 16,000 new homes over the next 10 years, by becoming a Homes England “wave one” partner nationally with Sovereign.
Melvyn Garrett, Group Finance Director at LiveWest said: "This is one of the top ratings in the sector, and sends a clear message about our financial strength at LiveWest. It is a strong reflection of our controlled risk managed growth which has seen our development pipeline grow, in 2019/20 we will complete around 1,200 new affordable homes. The majority of these will be for affordable and social rent, together with a further 200 for open market sale.”
The rating recognises the strength of our social housing business, and track record in managing shared ownership and properties for outright sale means that we are able to borrow money for development more cheaply, meaning greater investment in affordable homes for local people.
We recorded an £81million operating surplus last year (2018 £69m), and a net surplus after tax of £56m (2018 £44m) which is being re-invested into much-needed homes across the region. Over the next 10 years, we plan £2bn investment in new homes which will not only contribute to economic growth in the South West but sustain around 6,500 jobs in the building industry and our supply chain.