2026 UK Housing Association Outlook
The sector outlook reflects our view of credit fundamentals in the UK housing association sector over the next 12-18 months. Join us as we publish our 2026 outlook for the UK housing association sector (the 2025 outlook was stable) to discuss:
- Pressures stemming from investment in existing homes due to continued high scrutiny on quality, safety and energy efficiency
- Debt trajectory and the impact of strategies around fixed asset disposals and development cutbacks
- Rising treasury risks
- The credit impact of the latest government announcements around grants, rent policy and others
Speakers
Zoe Jankel
Vice President - Senior Credit Officer, Sub-Sovereign
Moody's Ratings
Maÿlis Chapellier
Assistant Vice President - Analyst, Sub-Sovereign
Moody's Ratings
Lenaic Couderc
Analyst, Sub-Sovereign
Moody's Ratings
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Zoe is a VP/Senior Credit Officer in Moody’s Sub-Sovereign Group and holds lead analytical responsibility for ratings on a portfolio of local authorities, housing associations and other government-related issuers in the UK.
Prior to joining Moody’s, Zoe worked as an Associate Director at Arup in London, undertaking a range of economic and financial consultancy projects with public and private sector organisations in the UK and internationally
.Zoe holds a BA (Hons) in History from the University of Birmingham, an MPA in Public Economics and Policy from the London School of Economics and is an Fellow Chartered Accountant (FCA) of the Institute of Chartered Accountants in England and Wales
Maÿlis Chapellier is a AVP-Analyst at Moody’s Ratings, in the EMEA sub-sovereign team. She is responsible for the credit risk analysis of UK housing associations (as well as UK public universities) since 2021. Maÿlis joined Moody’s in 2017, firstly supporting lead analysts working on French public entities (housing associations, hospitals and regional and local governments) before transitioning to a UK-focused portfolio in 2019. Before joining Moody's, she built her finance expertise in a consulting firm, working on projects with Caisse des Dépôts et Consignations (State-owned bank, main public lender for French housing associations).
Maÿlis holds a master’s degree in Economics and Business from Sciences Po. She speaks English, French and Spanish.
Lenaic Couderc is a lead analyst in the Sub-Sovereign Group, responsible for a portfolio of housing associations and local authorities in the UK. Lenaic joined Moody’s in 2019 as a Ratings Associate in the Sovereign Risk Group, covering a variety of advanced and emerging market European sovereigns.
Lenaic holds a degree in Economics from the Ecole Normale Superieure and a MSc in Financial Economics from the Sorbonne University.