Date published: 03 November 2023
"The affirmation of our existing A rating and outlook by S&P is positive news," said Anne Costain, Chief Financial Officer.
"It follows detailed meetings with S&P and reflects the work we have been doing to maintain our financial strength and ensure we continue to deliver for our customers.
"We retain the top regulatory scores of G1/V1 and have significant liquidity, with more than 85% of our debt at fixed rates – above the sector average of 80%. This is echoed in S&P’s view that our debt profile is improving and we have very strong liquidity.
"We maximise investment in existing and new homes to help customers tackle the cost-of-living crisis, making sure homes are affordable to live in.
"Overall, we have a relatively young stock profile and have a significant ongoing development programme of affordable homes. Although our plans have been moderated to reflect the more challenging economic climate, we completed 963 affordable homes last year."
S&P Global commented: "The affirmation reflects our view that Stonewater's debt profile is on an improving trend through the forecast period. We think that the management carefully carries out its development programme with a view to maintaining the group's financial resilience."