Moody's rates Jigsaw Funding, notes A2

Moody's Investors Service said it assigned an A2 senior secured debt rating to Jigsaw Funding plc, as well as a stable outlook.

Moody's also affirmed Jigsaw Homes Group Ltd.’s (Jigsaw) A2 long-term issuer rating and a3 Baseline Credit Assessment, and maintained the stable outlook.

The A2 senior secured debt rating assigned to Jigsaw Funding reflects Jigsaw's A2 issuer rating. The proceeds from the proposed sustainability bond of up to £350 million issued by Jigsaw Funding will be used in accordance with the group's Sustainable Finance Framework, which outlines eligible projects including construction of affordable housing and improving the energy efficiency of existing homes.

“The affirmation of Jigsaw's A2 issuer rating reflects Jigsaw's strong financial performance, robust financial management and governance and strong liquidity. It also incorporates the anticipated weakening of Jigsaw's debt metrics over the next few years,” Moody’s said in a news release.

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