Large North West landlord retains A2 Moody’s rating helped by ‘risk averse’ strategy

But Moody’s added: “Jigsaw’s financial resilience is supported by its well-defined, modest appetite for market sales, with no exposure to higher-risk outright sales.”

Nearly 90 per cent of turnover is from social housing, with the rest shared ownership.

In its last financial year the group also restructured its treasury portfolio and increased its revolving credit facility by £40m.

Moody’s noted that Jigsaw’s group structure is “more complex” than other housing associations as it has four registered providers (RPs). However, the agency flagged that the landlord is looking to consolidate into one RP by March 2027, as announced late last year.

The agency also pointed to Jigsaw’s debt, which is expected to increase to £1bn in the 2027 financial year to fund capital expenditure.

The group is also expected to see its gearing increase to an average of 51 per cent over the next three years, according to Moody’s.

Jigsaw’s development programme includes 3,143 units between fiscal 2026 and 2030. Of these, 82 per cent are for social or affordable rent and 18 per cent are for shared ownership.

However, the group expects grant funding to cover a reasonable proportion of its development costs, which will be a credit positive as it will limit borrowing.

Jigsaw currently has four RPs: Jigsaw Homes Group, Jigsaw Homes Midlands, Jigsaw Homes North and Jigsaw Homes Tameside.

The group was formed in 2018 through a transfer of engagements of New Charter Housing Trust to Adactus Housing Group.

The landlord currently has G1/V1 grades with the regulator, but has yet to be assessed for consumer standards.