Credit rating

WM Housing Group’s first credit rating(Aa3) was issued by Moody’s on 8th November 2012.

In both February and May 2013, Moody’s downgraded the ratings of almost all Moody’s-rated Housing Associations by one notch on each occasion. This meant our rating became A1 (from Aa3) in February 2013 and A2 (from A1) in May 2013. The Moody’s press releases for both February 2013 and May 2013 are contained within this section of the website.

On 29 June 2016, following the Brexit vote, Moody’s affirmed WM Housing Group’s credit rating at A2 but changed the outlook from “stable” to “negative” reflecting the potential impact on Housing Associations as a result of the vote. Moody’s have affirmed credit ratings and changed the outlook from “stable” to “negative” on 41 housing associations. The June 2016 credit opinion is contained within this section of the website.

On 26 September 2017, following the downgrade of the UK Sovereign rating, Moody’s downgraded all of its rated Housing Association by one notch. This meant our rating became A3 (from A2). The previous “negative” outlook placed on the Group’s rating following the 29 June 2016 announcement was revised to “stable” at the same time. The Moody’s press release is contained within this section of the website.

In preparation for the Group’s second capital markets debt issue, Moody’s rated WM Treasury 2 plc at A3 with a stable outlook, in line with the Group’s rating, on 6 October 2017. The Moody’s announcement is contained within this section of the website.

Moody’s published an updated Credit Opinion for the Group on 19 October 2017 (rating unchanged at A3 with a stable outlook). The Moody’s credit opinion is contained within this section of the website.

The Group’s credit rating was upgraded from A3 to A2 on 31 October 2018 following the Group’s latest annual credit rating review. A combination of factors are cited in Moody’s credit opinion, including the streamlining of governance arrangements and the creation of the Group’s Treasury Vehicle. The updated credit opinion is contained within this section of the website.

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