We’re delivering high quality homes and investing in the maintenance of our existing homes.

We put our residents at the heart of everything we do and have won a number of awards and accreditations.

Partnership talks between AmicusHorizon and Viridian were announced in October 2015. Since then we have been working more and more closely together to agree a blueprint for the new business.

We now expect to complete the transaction in May 2017. On 16th October we briefed investors about our new business, and you can find the presentation here.

Please contact us if you need any further information.

Moody's Credit Rating

AmicusHorizon is rated A2 by Moody's Investor Services. In March 2017 Moody’s placed the rating under review for upgrade ahead of the anticipated merger with Viridian Housing, saying:
  • "We expect that the merger with Viridian Housing will improve debt metrics of the combined entity beyond what AmicusHorizon would have achieved on a standalone basis, due to Viridian Housing's historically low level of indebtedness. In FY2018, the first reporting year of the new entity, debt as a percent of assets-at-cost is estimated to be 42%, significantly lower than the 53% registered by AmicusHorizon in FY2016. Furthermore, we expect that the Cash Flow Volatility Interest Coverage (CVIC) of the merged entity will strengthen to over 2x in the next two years, past AmicusHorizon's expected performance on a standalone basis.
  • Moreover, due to a concerted effort to drive more efficiency into its business on a standalone basis, AmicusHorizon, has improved its profitability. The association's operating margin has improved from 21% in FY2013 to 29% in FY2016, driving a material improvement in the Social Housing Letting Interest Coverage (SHLIC) from 0.9x to 1.4x in the same time period. We expect these improvements to be maintained in the merged entity, demonstrated by the forecast 27-29% operating margin, and SHLIC of 1.6x over the next two years, in-line with AmicusHorizon's expected performance on a standalone basis."
AmicusHorizon was initially rated Aa3 in March 2012, when the public bond was first sold. In line with our peers the rating was downgraded once in February 2013 to A1 and again in May 2013 to A2, reflecting Moody’s reassessment of the level of “extraordinary support” from the UK government for our sector. The rating is underpinned by the following factors:

• High proportion of low-risk social-housing letting
• Stable and moderate debt levels, appropriate interest coverage ratios
• Modest capital program supported by a strong liquidity position
• Strong regulatory framework.

Find out more about Moody’s Credit Opinion.

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Secured Bonds

AmicusHorizon launched its debut £150 million bond issue into the capital markets on 6 March 2012 with a coupon of 5.25%. We issued £100 million of bond initially, for settlement on 13 March 2012. The bonds were issued at a spread of 215 bps over the 4.5% 2042 gilt, with an all in yield of 5.362%. The remaining £50 million bonds were sold by AmicusHorizon on 29 July 2013 for settlement on 2 September 2013. The bonds were sold at a spread of 120 bps, with an all in yield of 4.681%.

Our security was re-valued in June 2016, with the valuation showing a surplus of 34% over the required asset cover.

View our AmicusHorizon Bond Security Valuations here:

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Financial Performance

Financial statements and Value for Money (VFM) annual reports are formal reports prepared from accounting records. They describe the financial position and performance of AmicusHorizon.

View our downloadable PDF's of our Financial Statements and Value for Money Annual Reports .

You can also view our latest Trading Update.


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