WM Housing has had its credit rating upgraded to A2 by Moody’s.
We had our credit rating upgraded from A3 to A2 with a stable outlook by the credit rating agency in a statement issued today (Wednesday).
Moody’s said the rating reflected improvements in our governance arrangements and debt management as well as projected strengthening in credit metrics.
Over the last two years, we have consolidated our governance structure, moving to a coterminous board which has streamlined reporting and oversight. In 2017, we issued a £280 million bond and conducted a debt refinancing exercise.
In its rating Moody’s said while this incurred significant breakage costs, it greatly simplified the debt profile and covenant management.
Stuart Kellas, Chief Financial Officer at WM Housing, said: “The upgrade to our credit rating by Moody’s is very positive news for our organisation and reflects the work we have been doing over the last 18 months to streamline our governance and finances.
“The new rating will provide us with a solid base from which we can invest in our homes and services and meet our increased target to build 500 new homes a year.”
For more information on the upgrade read Moody’s press release.