Solid financial position of Citizen confirmed by new rating
Citizen’s sound financial position has been confirmed in a high-profile rating.
Moody’s, a credit rating agency which currently rates 39 of the UK’s 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 and status of our borrowing.
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, our moderate levels of debt and our simplified governance and management structure.
Gary Booth, our Interim Chief Financial Officer, said: “We are pleased our A2 rating has been confirmed for the third 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 the ambitions set out in our 2020-23 business strategy and ultimately fulfil our purpose to provide homes that are a foundation for life for people across the West Midlands.”
You can read the full rating by Moody’s here.