The society has retained “A” ratings from Moody’s Investor Service throughout the credit crisis.
Moody’s assessment was based on five key indicators: 1) Good asset quality relative to Coventry’s peer group, 2) Solid earnings performance over the last 18 months including the recently announced rise in half year profits to £43.5 million 3) Strong retention of capital with Core Tier 1 capital reported at 26.9% (£622 million) at the 30 June 2010, 4) Consistently improving cost efficiency, 5) Continued savings acquisition enabling fully funded growth in lending.
Rob Green, finance director of Coventry Building Society, said, “This is a positive move that recognises the continued strength of Coventry Building Society.
“Despite the economic downturn we have attracted record new savings and maintained an active lending position in support of the housing market.
“This has been achieved through a rigorous approach to credit quality, efficiency and cost control and has meant that Coventry has remained a strong and secure safe haven for its one and half million members.”
