Moody’s rating backs Stonewater’s ambitious growth plans
Stonewater has received confirmation of its solicited A3 credit rating with a stable outlook from Moody’s Ratings.
Date published: 05 November 2026
The A3 credit rating from Moody's Ratings strengthens confidence in the organisation’s plans to deliver thousands of new affordable homes and invest in existing communities across the country.
The rating follows the leading affordable housing provider’s strategic review of its external credit ratings and its decision to appoint Moody’s as its sole external credit rating agency.
The analysis recognises Stonewater’s strong financial management, its scale and its continued focus on social housing. It also reflects the wider financial pressures facing the housing sector, including increased investment in existing homes, repairs, building safety and energy efficiency.
Stonewater’s strong financial management was reinforced by its half-year results, demonstrating their continued resilience and firm foundation for future investment.
It comes as Stonewater embarks on a significant period of investment, having secured a record £350 million through the Social and Affordable Homes Programme (SAHP) and agreed a further £100 million funding package with an existing bank lender in October.
The SAHP funding will support the delivery of 2,348 new homes, reinforcing Stonewater’s position as a strategic partner of Homes England, while the new bank funding provides additional long-term financial flexibility.
The increased support will help Stonewater deliver new affordable homes while managing the level of borrowing required and continuing to invest in the quality, safety and sustainability of existing homes.
Jonathan Layzell, Chief Executive Officer at Stonewater, said: “Moody’s confirmation of our A3 rating with a stable outlook is an important endorsement of our financial management and the steps we’ve taken to maintain a resilient, sustainable organisation. It gives our partners and investors continued confidence in our ability to manage current pressures while investing for the long term.
“Our half-year results, announced last week, demonstrate Stonewater’s resilience, with increased income and operating surplus despite continued economic and sector-wide pressures.
“This is an important period for Stonewater. With £350 million secured through the Social and Affordable Homes Programme, we are well-placed to deliver more affordable homes while continuing to improve our existing homes and services.
“We have made good progress, but we know there is more to do. With our strategic partnership with Homes England reinforced, everyone at Stonewater is working towards the same ambition: delivering the consistent, quality services our customers deserve and using our resources responsibly to make the greatest possible difference.”
The organisation continues to hold G1 and V2 ratings for governance and financial viability respectively from the Regulator of Social Housing, alongside a C2 consumer grading.
The results follow a period of change to Stonewater’s senior leadership and Board. Angus Michie succeeded Sheila Collins as Chair in October, while James Bradbury moved into the newly created role of Chief Investment Officer in June. Kirsty Spark will take up the role of Chief Financial Officer in November.
Stonewater also donated £250,000 to its charity partner, the Longleigh Foundation, in August, supporting its work to help customers experiencing financial hardship and other challenges to access practical support and build greater stability in their lives.
