Grand Union Housing Group is operationally effective and financially sound.
Following the rating action taken by Moody’s Investors Service on the UK's sovereign bond rating on 21 October 2022, the outlook of the UK was changed to negative from stable and rating affirmed.
This resulted in 40 housing associations’ outlooks changing to mirror the UK rating. Grand Union was one of these, meaning our rating is A3 Negative.
Despite this, Grand Union remains in a strong financial position and continues to provide a wide range of properties for rent or purchase through shared ownership as well as a comprehensive range of housing services to our customers.
The core business remains the rental of social housing properties. Our homes are of good quality with an efficient and effective repair service, a programme of major component replacements (e.g. kitchens, heating systems) and robust neighbourhood management. In recent customer satisfaction surveys, Grand Union received top quartile results of satisfaction in all the services provided.
Our financial strength provides the platform to support our development strategy to build 2,160 new homes in the coming years to play our part in ending the housing crisis.
Grand Union has established a subsidiary company, Grand Union Group Funding plc, to take responsibility for the management of the Bond.