Go to homepage
Login to MyPlace

Credit ratings

External credit ratings provide a useful insight into the financial robustness of an organisation.

Latest updates

October 2023: Moody’s improves the outlook on Great Places’ A3 rating from “negative” to “stable”

Following the change of the UK sovereign from a negative outlook to stable outlook, Moody’s have updated the credit opinions of 61 UK institutions including Great Places. Previously Moody’s had cut the outlook for UK housing associations from stable to negative in November 2022, which has now been reversed.

October 2023: Moody’s rating affirmed at A3 with negative outlook, baa2

“The credit profile of Great Places Housing Group (Great Places, A3 negative) reflects its strong balance sheet, its solid operating margin – although weakened, the sharp increase in capital expenditure and its volatile exposure to market sales. Great Places’ credit profile also benefits from our assessment that there is a strong likelihood that the government of the United Kingdom (UK, Aa3 negative) would intervene in the event that Great Places faces acute liquidity stress.”

Baseline Credit Assessment baa2

Credit strengths

  • Strong balance sheet with relatively low gearing
  • Solid financial performance, although recently weakened
  • Supportive institutional framework

Credit challenges

  • Increasing capital expenditure driving lower liquidity coverage
  • High exposure to market sales and weakening cash flow volatility interest cover


  • January 2023: Moody’s has taken rating actions on 13 UK housing associations
    The negative outlook across the sector reflects the high exposure to weaker economic and financial conditions in the UK, including prolonged high inflation, capped social rent increases, a housing market downturn and higher interest rates. Moodys reported that Great Places and others with the same rating “retain strong balance sheets, with gearing in line with or below peers. All continue to display solid liquidity coverage, with liquidity policies in line with the sector, typically covering more than 24 months of net cash needs.”


October 2023: Fitch affirms Great Places’ Long Term A+ credit rating, negative outlook (Short-Term rating of F1+)

The Negative Outlook reflects that of the UK sovereign rating (AA-/Negative). Under Fitch’s Government-Related Entities Rating Criteria, Great Places’ rating is capped at the UK Sovereign minus one basis. This means that a negative rating action on the UK sovereign has an impact on Great Places.

Standalone Credit Profile reflects the ‘Stronger’ assessment of revenue income and operating risk as well as its strong financial profile. Fitch expects Great Places’ strong performance to continue.

Latest documents