Moody’s turns Jigsaw view to stable

Moody’s Investors Service said it changed its outlook for Jigsaw Homes Group Ltd. and Jigsaw Funding plc to stable from negative and affirmed its A2 issuer and senior secured debt ratings.

“Jigsaw's operating performance will recover from its fiscal 2023 dip as it benefits from additional rental income. Moody's expects Jigsaw's operating margin to average 27% over the next three years, up from 21% in fiscal 2023. Jigsaw expects to deliver over 900 new units by March 2024, compared to 701 units in fiscal 2023, which will boost its income. In addition, similarly to peers, Jigsaw will benefit from rent increases of 7.7% beginning April 2024, as well as from the gradual decrease in inflation,” the agency said in a press release.

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