Moody’s affirmed the A2 long-term issuer rating of Jigsaw Homes Group Limited (Jigsaw) and the A2 senior secured debt rating of Jigsaw Funding plc. Jigsaw’s Baseline Credit Assessment (BCA) has also been affirmed at a3.
The outlooks for both remained stable, reflecting the group’s adequate gearing and sound financial management.
Jigsaw’s operating performance continued to recover from its fiscal dip in 2023. Jigsaw expects its operating margin to average 27% over the next three years, driven by additional rent revenue from development completions. In addition, should the rent settlement be implemented, Jigsaw will benefit from above inflation rent increase, as the HA only incorporated CPI flat increases in its business plan beyond fiscal 2026.
Credit strengths
- Operating margin expected to continue to recover
- Sound management with a modest appetite for market sales (with no outright sales)
- Supportive institutional framework
Credit challenges
- Debt burden to increase, weighing on ratios
- Interest covers to remain low
You can read the update using the link below:
Moody’s credit opinion 07 February 2025 – Jigsaw Homes Group Limited >>
- Moody’s credit opinion 29 February 2024 – Jigsaw Homes Group Limited >>
- Moody’s credit opinion 26 October 2023 – Jigsaw Homes Group Limited >>
- Moody’s credit opinion 13 February 2023 – Jigsaw Homes Group Limited >>
- Moody’s credit opinion 02 November 2022 – Jigsaw Homes Group Limited >>
- Moody’s credit opinion 28 Jan 2022 – Jigsaw Homes Group Limited >>
