Credit ratings
External credit ratings provide a useful insight into the financial robustness of an organisation.
Latest updates
February 2026: Moody’s Credit Opinion
“The credit profile of Great Places Housing Group (Great Places, A3 stable) reflects its strong balance sheet, its solid operating margin, an expected 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 stable) would act in a timely manner to prevent a default”
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
3 October 2025: Fitch Revises Great Places Housing’s Outlook to Negative; Affirms at ‘A’
Commenting on the latest rating from Fitch, Mike Gerrard, Chief Finance Officer at Great Places, said:
“The change is not unexpected, particularly in light of the wider economic challenges currently facing the sector.
“Across the board, housing associations are increasing investment in their homes to meet evolving legislative and regulatory requirements. At Great Places, we are committed to ensuring our homes are well maintained, safe, and energy efficient — because we firmly believe this is the right thing to do for our customers and for the long-term sustainability of our organisation.
“We are delivering much-needed affordable homes as we fulfil our commitments through Homes England’s Affordable Homes Programme. With most homes being delivered using Strategic Partnership 2 (SP2) funding, the grant has been upfront and so the revised outlook from Fitch reflects the anticipated rise in borrowing levels as we complete this programme.
“We are confident in our financial strategy and our ability to manage this planned investment and new home delivery responsibly, ensuring long-term value and continued support for the communities we serve.”
Additionally, Fitch issued an Insight Report on 31 October 2025 – available to Fitch subscribers here Great Places Housing Group Limited Credit Ratings :: Fitch Ratings
Moody’s Ratings Archived
- Moody’s Credit Opinion October 2025
- Moody’s Credit Opinion October 2024
- April 2024: Moody’s periodic review
- Moody’s Credit Opinion October 2023
- January 2023: Moody’s has taken rating actions on 13 UK housing associations
- Moody’s Credit Opinion November 2022
- Moody’s Credit Opinion February 2022
- Moody’s Credit Opinion February 2021
- Moody’s Credit Opinion October 2020
- Moody’s Credit Opinion December 2018
- Moody’s Credit Opinion October 2017
- Moody’s Downgrade – Press Statement September 2017
- Moody’s Credit Opinion February 2017
- Moody’s Credit Opinion July 2016
- Moody’s Credit Opinion January 2016
- Moody’s Credit Opinion December 2015
- Moody’s Credit Opinion November 2013
Fitch Ratings archived
- December 2022: Fitch affirms the United Kingdom’s sovereign ratings at ‘AA-’ with a Negative Outlook
- October 2022 – Fitch affirms Great Places Housing at ‘A+’ and revises outlook to negative
- Fitch Update November 2021
- Fitch Update June 2021
- Fitch Update December 2020
- Fitch Update November 2020
- Fitch Update Report May 2020
- Fitch Update Report April 2020
- Fitch Update Report May 2019
- Fitch Update Report May 2018
- Fitch Update Report November 2016
- Fitch Update Report July 2016
- Fitch Update Report November 2015
- Fitch Update Report November 2014
- Fitch Update Report October 2014
- Fitch Update Report May 2014
