Hyde secures first credit rating

Moody’s said the housing association’s first ever rating reflected the group’s good financial performance, adequate cash flow, good liquidity relative to its capital programme, prudent and conservative management and the well-regulated environment in which English housing associations operate.

Gianfilippo Carboni, associate analyst in Moody’s International Public Finance Group, said: ‘The rating also reflects Moody’s assessment of a high likelihood of support from the UK government to prevent a default by Hyde, a scenario that the rating agency regards as unlikely.’

Hyde reported good financial performance in 2009, recording a surplus of around £16 million, despite the weakening of the UK housing markets and the tightening of liquidity within the banking system.

Ray Christopher, director of tax and treasury at Hyde, said: ‘We believe the Moody’s assessment accurately reflects our financial and management capabilities and strengths and completes the first phase in our capital markets aspirations.

‘This rating sends a strong positive signal to Hyde’s bankers endorsing their commitment to invest over a billion pounds in the group over the years. It is a great achievement we can all be proud of, and a milestone in The Hyde Group’s history.’

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