Grand Union Housing Group (GUHG), along with 55 UK sub-sovereign entities, has seen its rating downgraded to A3 with a stable outlook from A2 with a negative outlook.

The review, by credit rating agency Moody’s, comes following the recent downgrade of the UK’s government bond rating to Aa2 with a stable outlook following the UK’s referendum to leave the EU.

Anna Simpson, Group Director of Finance, said: “Despite what has been a challenging year for the country and housing associations, GUHG remains in a strong financial position and continues to operate in an effective and financially sound manner.”