Moody’s Ratings changes outlook on Dudley Summit PLC to stable
We’ve recently received a report and press release from Moody’s following their ratings committee meeting for Dudley Summit PLC.
Moody’s is a global financial services company that provides credit ratings, research, and risk analysis to help investors assess issuers’ creditworthiness and support decision-making.
The Resolis team specifically received praise in their press release with Moody’s saying:
“The project has a history of poor operational performance with SDPs breaching thresholds for subcontractor replacement and project termination levels on a significant number of occasions. However, a remedial plan including several initiatives to improve performance of the estates and cleaning service lines in particular, has been formally implemented by the FM subcontractor, resulting in a progressive reduction in SDPs and deductions over 2024 and an improvement in relationships between project parties. The appointment of a new project manager, Resolis, in 2023, also appears to have been beneficial in the context of the project monitoring and delivery of initiatives aimed at improving performance. As a result, at the end of the six-month period to the end of April 2024, SDPs fell below the subcontractor replacement threshold, while at the end of September 2024, SDPs also fell below the additional warning notice threshold.”
The appointment of Resolis in 2023 has been critical in improving performance, so we wanted to take this opportunity to say big congratulations to the Dudley team – David Jones, Mark Ashby, Michelle Harrold, Tom Purnell, Victoria Herbert, Jim Band, Keith Brown, and Carl Thomson.
The teamwork and commitment across the business are very much appreciated.
When we say we are redefining PFI/PPP service provision with a partnership-led approach, we genuinely mean it!
