Sanctuary Group has seen its credit rating lifted by Standard and Poor’s Rating Services from A to A+ as a result of its continuing good operating and financial performance. The agency cited Sanctuary’s outlook as stable.

The A+ rating now positions Sanctuary as one of the highest in the UK housing sector.

With nearly 40 years experience, Sanctuary is a leading housing association in the UK with more than 70,000 units of accommodation in management. Over the last five years its turnover has more than doubled to c£300m, and the organisation has assets of £2.4 billion.

Standard and Poor’s announced: “One of the key factors in Sanctuary achieving the improved rating is the senior management team’s strength and experience. The stable outlook reflects our expectation that Sanctuary will capitalise on its strengths and diversified business in these uncertain economic times and use the flexibilities available to maintain its strong business and financial profile. We have confidence in management's ability and willingness to take the hard decisions that may be required in such an environment.”

Said David Bennett, Sanctuary’s Group Chief Executive: “This rating demonstrates Standard and Poor’s confidence in our ability to manage and grow the organisation at a time of economic uncertainty. The upgrade to A+ is a reflection of continued success and financial strength and we will continue to adapt to market changes as required in the housing and social care sectors where we have a strong national presence.”

Sanctuary also has an Aa2 rating from Moody’s.