PenArian Housing Finance PLC                                                           

ClwydAlyn Housing Limited

We are delighted to announce an update to our Moody's Credit opinion.  ClwydAlyn's outlook has remained as A3 Stable. 

Summary

The credit profile of ClwydAlyn Housing (ClwydAlyn, A3 stable) reflects its focus on social housing lettings, which provides stable and predictable revenue, its strong market position in Wales and low gearing balanced against its weaker operating margins than peers. ClwydAlyn benefits from the strong regulatory framework governing Welsh housing associations (HAs) and our assessment that there is a strong likelihood that the government of the UK (Aa3 stable) would act in a timely manner to prevent a default.

The full version of the rating can be found on the Moody's website.  https://www.moodys.com/