Fitch rates Peabody A (stable)

Fitch has issued its first credit rating for Peabody – A (stable) - giving us our third ‘A’ rating and reaffirming our strong and stable debt profile.

Published: 03/12/2024

In its report, Fitch cited the continuing high demand for social and affordable housing. It highlighted our liquidity, noting support from the UK government and the importance of long-term rent certainty.

Commenting on the rating, Peabody’s Chief Financial Officer, Phil Day said: “This latest A rating reaffirms our strong investment proposition. Our liquidity and balance sheet mean we’re well placed to support our planned improvements and investments, as well as regenerating neighbourhoods for the long term.

“Our plans to spend £2bn over five years looking after residents’ homes are on track, delivering improvements, essential maintenance and energy efficiency upgrades. Nearly 80 percent of residents homes now have an energy rating of EPC C or above.

“We’re also making progress simplifying our operations and governance structures, improving our data, and investing in technology to support better services in local areas”.

In November Moody’s reaffirmed Peabody’s A3 stable rating and S&P confirmed its A- negative outlook. We're rated G1 and V2 by the Regulator of Social Housing and are yet to be allocated a consumer standard rating.