REG - Beyond Housing Ltd - Research Update

Moody'sAnnouncement

22/03/2022 16:00

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RNS Number : 6405F  Beyond Housing Ltd  22 March 2022

 Beyond Housing Limited
 (https://www.moodys.com/credit-ratings/Beyond-Housing-Limited-credit-rating-867342441)

 

   Credit Opinion: Beyond Housing Limited (United Kingdom): Update to credit
   analysis
   (https://www.moodys.com/research/Beyond-Housing-Limited-United-Kingdom-Update-to-credit-analysis--PBC_1315898)
   Rating Action: Moody's assigns A2 rating to Beyond Housing Limited's
   forthcoming GBP250 million debt issuance
   (https://www.moodys.com/research/Moodys-assigns-A2-rating-to-Beyond-Housing-Limiteds-forthcoming-GBP250--PR_444547)
   Rating Action: Moody's assigns A2 rating and stable outlook to Beyond Housing
   (https://www.moodys.com/research/Moodys-assigns-A2-rating-and-stable-outlook-to-Beyond-Housing--PR_442204)

Announcement of Periodic Review:

Moody's announces completion of a periodic review of ratings of Beyond Housing
Limited

14 Dec 2021

London, 14 December 2021 -- Moody's Investors Service ("Moody's") has
completed a periodic review of the ratings of Beyond Housing Limited and other
ratings that are associated with the same analytical unit. The review was
conducted through a portfolio review discussion held on 9 December 2021 in
which Moody's reassessed the appropriateness of the ratings in the context of
the relevant principal methodology(ies), recent developments, and a comparison
of the financial and operating profile to similarly rated peers. The review
did not involve a rating committee. Since 1 January 2019, Moody's practice has
been to issue a press release following each periodic review to announce its
completion.

This publication does not announce a credit rating action and is not an
indication of whether or not a credit rating action is likely in the near
future. Credit ratings and outlook/review status cannot be changed in a
portfolio review and hence are not impacted by this announcement. For any
credit ratings referenced in this publication, please see the ratings tab on
the issuer/entity page on www.moodys.com for the most updated credit rating
action information and rating history.

Key rating considerations are summarized below.

Beyond Housing Limited's (A2, Beyond) credit profile is supported by its very
strong interest cover ratios, its continued focus on low-risk social housing
and its strong liquidity. Its main credit challenges are its comparatively
lower end operating margins, and its strategic shift towards increasing
development and market sales. Beyond's credit profile is also supported by the
strong regulatory framework and stable operating environment for housing
associations in England. Beyond's rating of A2 incorporates its baseline
credit assessment (BCA) of a3 as well as Moody's assessment of a strong
likelihood of extraordinary support from the UK government (Aa3) in the event
that the issuer faced acute liquidity stress.

This document summarizes Moody's view as of the publication date and will not
be updated until the next periodic review announcement, which will incorporate
material changes in credit circumstances (if any) during the intervening
period.

The principal methodologies used for this review were European Social Housing
Providers published in April 2018 and Government-Related Issuers Methodology
published in February 2020. Please see the Rating Methodologies page on
www.moodys.com for a copy of these methodologies.

This announcement applies only to EU rated, UK rated, EU endorsed, and UK
endorsed ratings. Non-EU rated, non-UK rated, non-EU endorsed, and non-UK
endorsed ratings may be referenced above to the extent necessary, if they are
part of the same analytical unit.

This publication does not announce a credit rating action. For any credit
ratings referenced in this publication, please see the ratings tab on the
issuer/entity page on www.moodys.com for the most updated credit rating action
information and rating history.

Maylis Chapellier

Analyst

Sub-Sovereign Group

Moody's Investors Service Ltd.

One Canada Square

Canary Wharf

London E14 5FA

United Kingdom

JOURNALISTS: 44 20 7772 5456

Client Service: 44 20 7772 5454

Marie Diron

MD - Sovereign Risk

Sub-Sovereign Group

JOURNALISTS: 44 20 7772 5456

Client Service: 44 20 7772 5454

Releasing Office:

Moody's Investors Service Ltd.

One Canada Square

Canary Wharf

London E14 5FA

United Kingdom

JOURNALISTS: 44 20 7772 5456

Client Service: 44 20 7772 5454

 

 

 

 

 

 

 

 

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