Solid financial position of Citizen confirmed by new rating
Moody’s, a credit rating agency which rates UK housing associations, confirmed our A2 rating – which we have held since being upgraded from an A3 rating in 2018.
The agency considers a range of factors in making its assessment including the stability of our income, status of our borrowing and projected increase in income from market sale homes.
The A2 rating places us comfortably inside the top half of Moody’s rated housing associations in the UK and only a handful have a better rating than Citizen.
Moody’s said our rating reflected the fact most of our income comes from low-risk social housing lettings and that we have moderate debt levels and improving operating margins.
Gary Booth, our Chief Financial Officer, said: “We are pleased our A2 rating has been confirmed for the fourth successive year, which demonstrates our strong, long-term financial position.
“Against a challenging economic backdrop, it is reassuring to have a global credit rating agency confirm that our own financial position remains strong.
“This means that we can push forward with our ambitions and ultimately fulfil our purpose to provide homes that are a foundation for life for people across the West Midlands.”