Local Space has had its financial viability status upgraded by the Regulator of Social Housing, in one of three of new regulatory judgements published today.

The Newham-based association’s financial viability rating has been upgraded from V2 to V1, while its existing G1 grade for governance remains unchanged.

The change in rating comes after the 2,700-home association secured new finance that provides greater certainty regarding its interest costs.

In its previous judgement, the Regulator of Social Housing (RSH) said that the housing provider was exposed to interest cost risk and increased investment in its existing homes had weakened its financial performance.