EXTRA EXPENDITURE WAS INHERITED

 

 

Takeover

Riverside in

downgrade

blues

It will have come as no surprise to the  critics of the Liverpool  housing association Riverside that its credit ratings have been downgraded by the credit agency Moody`s.

 Riverside is one of the UK’s biggest social landlords. It is aso one of the most unpopular because of its authoritarian culture and inefficient operation. Carlisle Tenants` and Residents` Association has campaigned against  these Riverside failures for many years.

Riverside’s downgrade reflected its“weaker operating performance relative to peers”, Moody’s said.

The agency flagged Riverside’s “poorly performing care business and higher fire building and safety expenditures” inherited from taking on G15 landlord One Housing in 2021.

These problems are “exacerbated” by high inflation and increased demand for repair and maintenance, the agency said, which is prevalent across the sector.

In its last full-year to March 2023, Riverside reported a post-tax surplus of £869,000 on a turnover of £625.4 million.

 

 Community Voice Carlisle is the blog of Carlisle Tenants` and Residents`Federation. Information about the Federation is available on 01228 522