RHP has had its long-term issuer rating from S&P lowered from ‘A’ to ‘A-‘ as the rating agency said energy efficiency upgrades to existing stock will have more of a financial impact than previously projected.

The 11,000-home association, based in Richmond, west London, has also had its issuer rating on its £275m bond lowered from ‘A+’ to ‘A’.

S&P said it now expects RHP’s financial metrics to “recover more slowly” because costs over the next three years are projected to be higher than previously forecast.