Moody’s rates Paragon bond A2

Moody’s Investors Service said it assigned an A2 issuer rating to Paragon Community Housing Group Ltd.

The agency also said it assigned an A2 debt rating to the proposed £250 million bond issuance of Paragon Treasury plc, which is Paragon Community’s primary borrowing vehicle.

The outlook is stable.

The ratings reflect the company’s consistently strong historical financial performance, including operating margins higher than the peer average, high demand for both social and non-social housing in its areas of operation and strong liquidity position, Moody’s said.

The ratings also consider the increased indebtedness over the next three years and its impact on coverage ratios and debt metrics, the agency said.

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