Peaks and Plains was also downgraded from V1 to V2 and retained its top governance grade.

The RSH said: “Peaks and Plains has an adequately funded business plan, sufficient security in place and is forecast to continue to meet its financial covenants under a reasonable range of scenarios. 

“Peaks and Plains is investing significantly in its existing stock and in developing new homes and, as a result, interest cover is reduced. 

“Additional investment will also be required to ensure continued compliance with fire safety targets.”

Mark Howden, chief executive of Peaks and Plains, said: “Our viability rating, like many others across the sector, reflects the challenging environment we operate in and our clear strategic priority to continue to invest in our homes and services.”

According to the regulatory judgements, both Onward and Irwell Valley have adequately funded business plans, sufficient security in place and are forecast to continue to meet their financial covenants under a reasonable range of scenarios”. 

For Onward, the regulator said: “Onward is investing significantly in its existing stock and in developing new homes and, as a result, interest cover is reduced. 

“Additional investment will also be required to achieve energy efficiency targets. 

“These factors, set in the context of economic pressures including inflation and interest rates, impact on Onward’s capacity to respond to adverse events.”

For Irwell Valley, the RSH said the landlord is investing in its existing homes including building safety and energy efficiency work, while also continuing to develop new homes. 

“These factors weaken its financial performance, and when set in the context of economic pressures including inflation and interest rates, impact on Irwell Valley’s capacity to respond to adverse events,” it concluded. 

Bronwen Rapley, chief executive of Onward, said: “The judgement of the regulator confirms that Onward is in a strong position to deliver for our customers. 

“Onward is well governed, financially stable and capable of meeting the objectives set out in our corporate plan.

“Social housing continues to face political, reputational and financial pressures.”

Ms Rapley said she believes Onward is well equipped to meet these challenges.

Sasha Deepwell, chief executive of Irwell Valley, said: “The top G1 rating highlights we are a well-governed organisation, while our V2 grading recognises how we continue to balance our financial viability and security, with plans to improve our existing homes, regenerate communities and build more much-needed new homes.  

“Against the backdrop of an extremely challenging economic climate, with high inflation and soaring interest rates, we are satisfied to have maintained this V2 rating.”

An Aspire Housing spokesperson said: “Aspire Housing has been working proactively with the regulator on our G2 to G1 strategy since January 2023, with a number of changes being implemented over the past nine months.”

JRHT did not respond to a request for comment.