Moody’s ups Jigsaw, view to stable

Moody's Investors Service said it upgraded Jigsaw Homes Group Ltd.’s issuer rating to A2 from A3.

“The upgrade of Jigsaw Homes Group's issuer rating reflects Moody's view that Jigsaw has strengthened its financial management and performance post-merger and continues its focus on low-risk social housing with minimal exposure to market sales, supporting its strong interest coverage and operating margin metrics. Moody's also expects Jigsaw's debt metrics to improve marginally, as the majority of its development program is funded from other sources,” said the agency in a press release.

The outlook changed to stable from positive mirroring Moody's expectation the financial performance and debt metrics of Jigsaw Homes will remain in line with A2 peers.

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