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Yorkshire Housing signals home-building intent with credit rating

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Yorkshire Housing signals home-building intent with credit rating

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Published by Kathy Burke for Yorkshire Housing in Housing

The credit rating will help Yorkshire Housing invest in more new developments like award-winning Madeley Road near Wakefield The credit rating will help Yorkshire Housing invest in more new developments like award-winning Madeley Road near Wakefield

Yorkshire Housing has welcomed its credit rating as a major vote of confidence in its bid to secure funding for its ambitious home-building programme.

International credit rating agency Moody's has badged the business “high A2” putting it in the middle of providers with a rating. 

Yorkshire Housing Chief Executive Mervyn Jones said Moody’s view demonstrated that the organisation was well run and that performance was continually improving.

He said: “This is a major vote of confidence. The credit rating takes into account our strategic focus and our ability to generate revenue and manage debt. It also recognises our ambitious development plans and our ability to anticipate and manage risk.”

Yorkshire Housing has 16,000 homes across the region. It aims to raise up to £200m in the coming months to boost its home-building programme from 300 to 500 new properties a year during its 2015-2018 corporate plan. 

Approaches will be made to large pensions funds, insurance companies and other investors who have cash to invest in safe, long-term activities. The aim is to issue a long-term bond in autumn.

The Moody’s rating announcement can be found at

https://www.moodys.com/research/Moodys-assigns-A2-rating-to-Yorkshire-Housing-Limited-stable-outlook--PR_302264?WT.mc_id=NLTITLE_YYYYMMDD_PR_302264

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