Ratings Boost for Stonewater
Stonewater, one of the UK’s leading social housing providers, has today been assigned a long-term rating of A+ by independent credit ratings agency, S&P Global Ratings. The outlook is Stable.
The rating, which is at the upper end of S&P's range for English Housing Associations, reflects Stonewater's strong financial performance, its prudent management and the quality of its assets. The strength of Stonewater's core activities is expected to mitigate any risk from its ambitious development plans.
“This latest A+ rating highlights Stonewater’s strong financial performance in a challenging economic climate for social housing providers,” says John Bruton, Stonewater’s Executive Director for Finance. “We will continue to focus on increasing our investment in providing more good quality, affordable homes across a range of tenures. Our ambitious development programme will increase the number of homes we build annually, from 717 completions in 2016/17, to over 1,000 new homes in 2019/20, delivering an additional 3,750 new social and affordable homes by 2022.”