Ratings agency Moody’s has downgraded 12 mortgage-backed loans to housing associations.
The action follows the introduction of a new housing administration regime in July under the Housing and Planning Act 2016.
In a statement, Moody’s said it has “determined that the inability of the creditors to enforce security during an administration dilutes the value it has given to the security provided by the housing association borrowers and negatively affects the strength of the structural features”.
