Stadgenoot rated ‘AA stable’ once again
Standard and Poor’s has given Stadgenoot an ‘AA stable’ rating again. October 15, 2012
A year ago, Stadgenoot was given an 'AA stable' rating by the international credit rating agency Standard and Poor's (S&P). That was great news, as it meant that Stadgenoot was viewed by a reputable independent party as being exceptionally reliable and solid. Standard and Poor's recently completed their annual reassessment of Stadgenoot, resulting in an 'AA stable' rating once again. This is a very good result, as last year was a rather turbulent one for the housing association sector, to say the least.
Once again, there was praise for Stadgenoot's strong management. Adjustments are made where necessary, demonstrating that the management is in control. S&P also emphasised the strength of the social housing system in the Netherlands. Despite the recent turmoil (e.g. the financial problems at Vestia), the system has managed to stay afloat.
The international press agency Reuters summarised S&P's report as follows: 'The 'aa' SACP reflects our view of Stadgenoot's "very strong" business and financial profile. Its business profile reflects the strong institutional framework, comprising regulatory and financial support that is provided to the whole sector by the Fonds Volkshuisvesting (Central Fund; not rated), WSW, and additionally the related contributions made by the housing associations themselves to these two organizations. Its market position is very strong, supported by a clear strategy of risk adjusted growth, executed by what we believe to be a strong management team that is adequately governed by an executive and supervisory board. Asset quality and operational performance is very good, ultimately leading to a strong financial performance'. Read the whole summary of the report.
For more information on S&P, please see: www.standardandpoors.com