REG - Triple Point Soc.Hsg - Investment Grade Credit Rating Reaffirmed

Social Housing REITAnnouncement

01/08/2024 16:00

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RNS Number : 8698Y  Triple Point Social Housing REIT  01 August 2024

01 August 2024

Triple Point Social Housing REIT plc

(the "Company" or, together with its subsidiaries, the "Group")

 

Investment Grade Credit Rating Reaffirmed  

The Board of Directors of Triple Point Social Housing REIT plc (ticker: SOHO)
is pleased to announce that Fitch Ratings Limited ("Fitch") has reaffirmed the
Company's existing Investment Grade, long-term Issuer Default Rating (IDR) of
'A-' and a senior secured rating of 'A' for the Group's existing loan notes.
Fitch published its first rating on the Company in August 2021 with the same
Investment Grade distinctions.

The outlook has been revised from stable to negative to reflect prolonged rent
arrears from two Registered Providers, and the risk that the independent
review of the investment management arrangements could result in a change of
investment manager. Fitch note that the Group's arrears have not been
detrimental to the Group's credit metrics, and that they intend to resolve the
negative outlook upon resolution of these arrears (which may include the
completion of a transfer of leases, as is currently being progressed by the
investment manager), as well as understanding the outcome of the Group's
independent review of the investment management arrangements.

The Fitch Rating Action Commentary can be read in full here:
https://www.fitchratings.com/research/corporate-finance/fitch-revises-triple-point-outlook-to-negative-affirms-idr-at-a-01-08-2024
(https://url.jer.m.mimecastprotect.com/s/ZxEfCW706vCx8YEKs6fjuoWF_K?domain=fitchratings.com)

FOR FURTHER INFORMATION ON THE COMPANY, PLEASE CONTACT:

 

     Triple Point Investment Management LLP                                      Tel: 020 7201 8989

     (Investment Manager)
     Max Shenkman
     Isobel Gunn-Brown

     Akur Capital (Joint Financial Adviser)                                      Tel: 020 7493 3631
     Tom Frost
     Anthony Richardson
     Siobhan Sergeant

     Stifel (Joint Financial Adviser and Corporate Broker)                       Tel: 020 7710 7600
     Mark Young
     Rajpal Padam
     Madison Kominski

     Brunswick                                                                      Tel: 020 7404 5959

     Nina Coad
     Robin Wrench
     Mara James

 

The Company's LEI is 213800BERVBS2HFTBC58.

 

Further information on the Company can be found on its website
at www.triplepointreit.com (http://www.triplepointreit.com/) .

 

NOTES:

The Company invests in primarily newly developed social housing assets in the
UK, with a particular focus on supported housing. The majority of the assets
within the portfolio are subject to inflation-linked, long-term, Fully
Repairing and Insuring ("FRI") leases with Approved Providers (being Housing
Associations, Local Authorities or other regulated organisations in receipt of
direct payment from local government). The portfolio comprises investments
into properties which are already subject to a lease with an Approved
Provider, as well as forward funding of pre-let developments but does not
include any direct development or speculative development.

 

The Company was admitted to trading on the Specialist Fund Segment of the Main
Market of the London Stock Exchange on 8 August 2017 and was admitted to the
premium segment of the Official List of the Financial Conduct Authority and
migrated to trading on the premium segment of the Main Market on 27 March
2018.  The Company operates as a UK Real Estate Investment Trust ("REIT") and
is a constituent of the FTSE EPRA/NAREIT index.

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