Beyond Housing Ltd Research Update (6405F)

TIDM63SQ

RNS Number : 6405F

Beyond Housing Ltd

22 March 2022

 
 
 
 
 
 
 Beyond Housing Limited 
 
 
        Credit Opinion: Beyond Housing Limited (United Kingdom): Update to credit analysis 
  Rating Action: Moody's assigns A2 rating to Beyond Housing Limited's forthcoming GBP250 million 
                                           debt issuance 
           Rating Action: Moody's assigns A2 rating and stable outlook to Beyond Housing 
 

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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March 22, 2022 10:45 ET (14:45 GMT)