Moody’s Investors Service has announced the A3 credit rating for Hightown Housing Association, lifting the outlook from negative to stable.
The outlook change to stable reflects Moody’s assessment that Hightown’s treasury risks have reduced, largely due to significantly decreasing their exposure to variable interest rate debt and increased liquidity.
Moody’s report states the A3 rating is due to “Hightown’s strong and predictable operating margins, simple group structure and focus on tenures with high and stable demand profiles, particularly social rent, care and supported housing and shared ownership”.
The report also noted that nearly all of Hightown’s stock already has an energy (EPC) rating of C or above, while other housing associations need to retrofit an average of 30% of their stock.
David Bogle, Hightown’s Chief Executive, said: “We are pleased to have sustained our A3 credit rating. The upgrade to a stable outlook reflects our strong financial management and the agility to adapt to changes in the market.”
