Developer and landlord Aster Group has had its A+ credit rating affirmed by Standard & Poor’s (S&P).
In a ratings note, S&P maintained the A+ rating with a stable outlook, stating that the group “continues to benefit from a very strong enterprise profile and strong financial profile”. The ratings agency also highlighted Aster’s “strong liquidity” and “stable and experienced management team”.
Earlier this year, Aster reported record results for its 2017 financial year. Pre-tax profits increased by 29% to £44m and revenues were up 7% to £191m. The group is currently implementing its development plan which will see £1.5bn invested in thousands of new homes between now and 2024.
In its last financial year, Aster completed more than 800 homes, making it a top-10 developer in the sector, according to Inside Housing.
Chris Benn, group finance director at Aster Group, said: “This affirmation of our strong credit rating comes at the end of another record year for the group.
“Aster is becoming a more productive developer and a more profitable business. This means we are in the best possible position to deliver a wide range of high-quality housing for people in the communities where we operate.
“It is pleasing to see S&P recognise that we continue to execute our clear, long-term strategy and place sound financial management at the heart of everything we do.”