Retail Charity Bonds plc (the “Company”) announces that Hightown Housing Association (“Hightown”) has been awarded an A3 investment grade rating by Moody’s Investors Service.
Hightown is a charitable housing association operating in Hertfordshire, Bedfordshire, Buckinghamshire and Berkshire. Currently managing over 6,700 homes, it is also a provider of care and supported housing to disabled or vulnerable people.
The Company has issued two series of retail-eligible bonds which are secured on loans to Hightown – an issue of £27 million 4.4% bonds due 2025 (HTOP 4.4% 2025) and an issue of £38 million 4.0% bonds due 2027 (including £6.5 million retained bonds) (HT02 4.0% 2027).
One of the fastest growing housing associations in the UK, Hightown plans to build 1,000 homes over the next two years. The new rating by Moody’s, a leading provider of credit ratings, research and risk analysis, reflects Hightown’s stable operating margins, single entity and strong management and governance.
Hightown’s Chief Executive, David Bogle, said:
“We’re delighted that Hightown’s reputation for strong financial management has been reflected by this investment rating.
“There is a huge demand for affordable housing and increased investor confidence means we can continue to build hundreds of high quality homes for people who cannot afford to rent or buy at market rates. This includes providing homes and support for the growing number of people sleeping rough, and children and families living in temporary accommodation.”