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LONDON - RHP Finance PLC has been assigned a new Governance and Viability rating of G2/V1 by the Regulator of Social Housing, the company disclosed on Sunday. The updated rating reflects challenges in RHP’s responsive repairs service, despite the firm meeting all regulatory standards and showing overall good performance.
The company has acknowledged the issues with its repairs service and has already put in place a comprehensive plan to address the concerns. RHP’s efforts seem to be bearing fruit, as indicated by an 8% rise in tenant satisfaction with repairs, according to the Tenant Satisfaction Measure for the fiscal year 2024/25.
RHP is also planning to transition its repairs service in-house by year-end to improve service quality and accountability. This move is part of its broader commitment to providing high-quality, safe, and sustainable housing, a commitment that is supported by the retention of its V1 rating, signifying financial strength.
Sarah Thomas, RHP’s Chief Executive, expressed disappointment with the downgrade but also acknowledged the progress made in the area of repairs, which was a self-identified issue leading to the regulator’s responsive engagement. Thomas reaffirmed the company’s resolve to address the repairs issue promptly and underscored the V1 rating as evidence of RHP’s financial robustness to regain the top Governance rating of G1.
The company remains dedicated to enhancing its services and placing residents’ needs at the forefront of its operations as it moves through the 2025/26 period.
This article is based on a press release statement and reflects the latest developments regarding RHP Finance PLC’s regulatory ratings and strategic initiatives.
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