Moody's confirms Coventry's strength

The credit rating agency Moody's has reaffirmed the position of Coventry Building Society as one of the UK's strongest building societies.

Coventry, which continues to provide competitive mortgage rates, has received 'A' ratings throughout the credit crisis and maintained this record in an assessment issued today from Moody's Investor Service.

The assessment update recognises Coventry's strong financial performance throughout the economic downturn.

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."

He added that Coventry's strength had been achieved through a rigorous approach to efficiency, cost control and credit quality which in turn has provided the company's 1.5 million customers with peace of mind.

Godiva, one of Coventry Building Society's brands, last week introduced new mortgage rates to its prime residential range including two market-leading fixed-rate mortgages.

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2010-09-14 12:10:44 © Moneyextra.com