Moodys Rating 2020
ClwydAlyn has credit rating upgraded by Moody’s
Moody’s Public Sector Europe has today announced that ClwydAlyn’s credit rating has been upgraded, reflecting the housing association’s strengthened governance and strong financial performance.
Moody’s uplifted A3 rating – up from Baa1 – also recognises ClwydAlyn’s period of transformational change over the last two years including new management and governance policies and practices, significant improvements in its operating performance and strong future business model.
Earlier this year the social landlord, which manages more than 6,000 homes across seven counties in North and Mid Wales, raised £25m of funding to accelerate its development programme.
The company agreed a deferred drawdown on its retained bond with funding delivered in two tranches of £15m in 2021 and a further £10m in 2022. The investment is enabling the landlord to build around 400 new homes.
Clare Budden, Chief Executive of ClwydAlyn, said: “This upgrade in our credit rating is a great testament to the hard work of the team over the last two years to enhance our governance and management and ensure that as a business, we remain financially strong.
“This is really important to ensuring that we are in the best possible position to achieve our mission of beating poverty and enabling everyone in North Wales to have access to a good home that they can afford to heat properly and the food they need to stay healthy.”