Moodys, the rating agency, disputes the TSA announcement, having calculated that one-fifth of associations in England could face financial difficulties during a lengthy recession. Moodys said that 22 per cent of traditional associations have cash demands ‘far beyond’ their ability to generate revenue through rent or in cutting costs. And the problem would get worse the longer weak lending and few property sales were ‘characteristics’ of the sector, as associations were increasingly reliant on the housing market for revenue.
