Fitch has assigned ‘BBB+’ (stable) rating to two RCB bonds
£22m RCB 4.5% 2026 Bond, and £40m RCB 7.5% 2030 Bond both on-lent to Belong Ltd
This marks the first public credit rating achieved for RCB Bonds and, we believe, the first publicly rated bond financing for a care charity. The outcome represents a major milestone for the RCB Bond Platform and significantly expands the benefits it delivers to both charitable borrowers and institutional investors
A Rating That Fully Reflects the Underlying Credit
Fitch’s assessment recognises that the RCB Bond structure enables the standalone credit strength of the underlying borrower to be transparently and directly reflected in the bond rating. This conclusion aligns with the views of the other major rating agencies, Moody’s and S&P, following analysis of the platform.
Fitch assigned Belong Limited a ‘BBB+‘ (Stable) rating based on a detailed review of its operating model, governance, financial strength, and long‑term sustainability. As a direct result of RCB’s ring‑fenced, non‑cross‑default structure, the same rating has been applied to the RCB Bonds on‑lent to Belong.
The rating outcome is made possible by the RCB programme’s structural simplicity: bond proceeds are on‑lent directly to the named borrower, with no exposure to other issuers or transactions on the platform.
Recognising the Strength of Charitable Credit
Charities can often achieve attractive investment grade ratings as the methodology used by Rating Agencies recognises the strengths they have when delivering social impact within a sustainable business model:
- Focussed, mission‑led operating models,
- stable demand,
- conservative financial policies, and
- strong governance frameworks.
Expanding Access to Capital Markets
The ability for RCB Bonds to carry an investment‑grade rating linked directly to the underlying borrower unlocks wider access to institutional capital and enables pricing that more accurately reflects borrower fundamentals.
This development reinforces the RCB Bond Platform’s role in:
- Supporting charitable and socially‑focused borrowers to access public debt markets, and
- providing investors with transparent, credit‑differentiated investment opportunities aligned with social impact.
