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Hyde keeps its Aa2 rating from Moody's

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Hyde keeps its Aa2 rating from Moody's

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Published by 24publishing for 24dash.com in Featured and also in Housing, Local Government

Hyde keeps its Aa2 rating from Moody's Hyde keeps its Aa2 rating from Moody's

Moody’s has today reaffirmed Hyde’s Aa2 credit rating. The 48,000 - housing association has maintained the Aa2 rating, based on its strong financial performance and prudent financial management.

The Moody’s report said: "Hyde is rated at the upper end of Moody’s-rated English housing associations. Hyde's relative position reflects stronger operating margin, a track record of higher sales profits and lower debt-to-asset.

"Hyde’s stable senior management shows strong capacity in executing plans. Its targets for 2012 were outperformed, excluding a one-off derivative movement, and were in line with our expectations. Hyde’s rationalisation programme, which management undertook in 2011, is progressing well, with planned efficiency savings from customer service, disposals of non-core activities and procurement."

Steve White, chief executive of Hyde, said: "We are delighted to receive such a positive endorsement of our business from a well-respected and objective rating agency. This reflects the efforts of the entire organisation, who have worked hard to outperform its targets.  This rating recognises the ongoing financial commitment by Hyde to developing affordable homes now and into the future."

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