Stonewater Funding plc
2 December 2024
Regulatory Grading Update and S&P
Global Ratings' credit rating November
2024
On 13 November 2024, following a stability
check, Stonewater retained its G1 / V1 regulatory gradings which
remain assessed and unchanged. The ratings are the highest
available of the four levels and demonstrates that Stonewater meets
the standards of governance and viability requirements set by the
regulator.
Nicholas Harris, Chief Executive of Stonewater,
said: "In what continue to be challenging times for housing
providers, it's good to let our colleagues, partners and customers
know that we have retained these judgements from the regulator and
continue to be an adaptable and reliable organisation.
"Retaining these top ratings is testament to the
commitment and hard work of colleagues across the organisation and
it is reassuring to know we continue to meet the highest possible
standards of both governance and financial viability."
On 27 November 2024, S&P Global Ratings
issued a rating update for Stonewater Limited, lowering its
long-term issuer credit rating to 'A-' from 'A'. The outlook is
stable. The full report is available
here.
S&P have highlighted that the outcome
reflects their view that investment in existing homes will remain
elevated, albeit do reference that the potential for grant funding
and management's focus on cost efficiencies will prevent the
group's credit metrics from deteriorating further. In addition,
S&P comment that the group's strategy to scale back
developments will lessen the pressure, because it will contain both
the pace and scale of debt buildup.
Anne Costain, Chief Financial Officer said:
"Stonewater remains resolute to its vision for everyone to have the
opportunity to have a place they can call home. We remain committed
to active investment in our existing asset base, which remains a
core priority for both Board and Executive despite the
macroeconomic climate which has affected all housing associations.
We also have a clear focus on the delivery of cost efficiencies to
support the group's resilient financial position to help support
and maintain our credit ratings".
For further information, please
contact:
Anne Costain
Executive Director of Finance
Stonewater
Suite C Lancaster House
Grange Park
Enderbury Road
Whestone
Leicester LE8 6EP
Telephone: 07392 092473
Email: Anne.Costain@stonewater.org