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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