Credit rating agency Moody’s has upgraded Jigsaw Homes Group’s rating to A2 from A3 in its latest report published on 05 December 2019. The upgraded rating places the 34,000 home Jigsaw Group amongst the top rated housing associations in the UK and recognises the success of the Group since its formation following the merger of New Charter Housing Trust and Adactus Housing in April 2018. New Charter Housing Trust Group had a Moody’s rating of A3 that the Credit Agency extended to Jigsaw Group at the time.
Moody’s, is a credit rating agency that rates the financial position of various organisations including housing associations across the UK. Besides looking at the organisation’s financial management and governance, the ratings review takes into account several other factors including operational efficiency, debt, demand, government funding and capital grants.
The report found Jigsaw Group’s position strengthened post-merger with robust financial metrics and high liquidity. Other highlights included an improved risk-averse financial management, a modest appetite for market sales, and declining debt burden.
Hilary Roberts, Jigsaw Group Chief Executive said: “Jigsaw is delivering on the promise of our 2018 merger to create greater financial capacity to build more homes and provide better services. This rating upgrade recognises the improvements we have made to the financial management of our merged organisation and the strong governance arrangements we have put in place.”
This is a great platform for the Group to support its work in tackling the housing crisis and deliver much more needed affordable homes across the North West and East Midlands.