The latest credit opinion from Moody’s affirms the A2 long-term issuer rating of Jigsaw Homes Group Limited and stable outlook, reflecting the group’s adequate gearing and sound financial management.
Jigsaw expects its operating margin to continue its recovery to around 25% by fiscal 2028, supported by rental income growth.
Jigsaw’s development programme includes 3,143 units between fiscal 2026 and 2030. Of these, 82% are for social or affordable rent and 18% for shared ownership. The Group expects grant funding to cover a reasonable proportion of its development costs, a credit positive as it limits debt funding.
Credit strengths
- Operating margin expected to continue to recover
- Sound financial and treasury management
- Supportive institutional framework
Credit challenges
- Debt burden will continue to weigh on metrics
- Interest covers to remain low
You can read the update using the link below:
Moody’s credit opinion 16 February 2026 – Jigsaw Homes Group Limited →
- Moody’s credit opinion 07 February 2025 – Jigsaw Homes Group Limited →
- Moody’s credit opinion 29 February 2024 – Jigsaw Homes Group Limited →
- Moody’s credit opinion 26 October 2023 – Jigsaw Homes Group Limited →
- Moody’s credit opinion 13 February 2023 – Jigsaw Homes Group Limited →
- Moody’s credit opinion 02 November 2022 – Jigsaw Homes Group Limited →
- Moody’s credit opinion 28 Jan 2022 – Jigsaw Homes Group Limited →
