Ratings agency Moodys has downgraded 13 social landlords, including a raft of major developers, citing fears over their exposure to the weakening economy, market sales risk and large development programmes.

The credit ratings firm said it had reduced the baseline credit assessments for 12 associations, including Sovereign, Great Places, Guinness, L&Q, Paragon Asra, and Yorkshire Housing by one notch, and Liverpool-based Riverside Group, which has recently merged with One Housing, by two notches.

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