REG - Stonewater Funding - Regulatory grading update

S&P GlobalAnnouncement

02/12/2024 12:45

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RNS Number : 4358O  Stonewater Funding PLC  02 December 2024

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
(https://www.stonewater.org/media/3ytpfaa0/271124-sp-ratings-report.pdf) .

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

 

 

 

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