Sound financial position of Citizen confirmed in credit rating

Posted on October 28th, 2019 by Steve Hayes

The sound financial position of Citizen has been confirmed in our latest credit rating.

Moody’s, a credit rating agency which rates the financial position of housing associations every year, confirmed our A2 rating.

The rating considers several factors, including the stability of our income and the status of our borrowing.

Last year’s rating upgraded us from A3 to A2 and this year’s rating confirms this position. It means that we are comfortably inside the top half of housing associations in the UK and only a handful have a better rating.

Moody’s said the rating reflected recent improvements to our governance and management structure, the fact a high proportion of our turnover comes from low-risk social housing lettings and our moderate debt levels. The rating also commented on a likely increase in revenue through homes for sale.

Stuart Kellas, our Chief Financial Officer, said: “We’re delighted to retain our credit rating at A2 following our upgrade last year.

“This reflects continuing work to streamline our governance structure and finances and our solid financial base.

“Our A2 rating reflects our strong financial position and continues to demonstrate our credentials.”

You can read the full credit rating here.

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