On 2 November 2022, Moody’s changed the outlook to negative from stable and affirmed Jigsaw’s A2 rating.
The negative outlook reflects the high exposure to weaker economic and financial conditions in the UK. A potential ceiling on social rent increases in England and Wales combined with high cost inflation will weigh on operating margins over the next 12 to 18 months. At the same time, rising interest rates and tightening financing conditions will further weaken interest coverage ratios.
In its report, the agency which rates the financial position of organisations across the UK, said this score reflected the group’s strong financial position and improved financial management. It also incorporates the group’s moderate debt metrics, set to increase, as well as its increased development ambitions, although they are less risky than those of its peers. Jigsaw also benefits from the strong regulatory framework governing English housing associations (HAs).
Our customers, colleagues and partners can rest assured, Jigsaw Group will continue its work in tackling the housing crisis and delivering much more needed affordable homes across the North West and East Midlands.
You can read the full report using the link below:
Moody’s credit opinion 02 November 2022 – Jigsaw Homes Group Limited >>
