Stonewater awarded A1 credit rating with ‘stable outlook’
Stonewater, one of the UK’s leading social housing providers which was formed from the merger of Jephson and Raglan at the start of this year, has received an A1 credit rating from independent credit ratings agency Moody’s.
The rating reflects Raglan and Jephson’s strong pre-merger financial performance and stable outlook which Moody’s said it saw continuing under Stonewater. The ratings agency also said the A1 rating incorporated Raglan and Jephson’s track record of strong margins and health coverage and that it believed that “Stonewater was well positioned to continue strong financial operations”. Moody's assigns ratings on the basis of risk and the borrower's ability to make interest payments. The agency backs its ratings with exhaustive financial research and unbiased commentary and analysis.
“The Moody’s rating is fantastic news for Stonewater and reflects our solid financial position, as well as the strength of our future plans,” said John Bruton, Stonewater’s Executive Director for Finance. “This rating will encourage confidence across a range of our key stakeholders and help us continue our ambitious development programme of providing affordable rental and shared-ownership homes in communities where they are most needed. It also provides Stonewater with a great foundation on which to build our vision - which is for everyone to have the opportunity to have a place they can call home.”
Stonewater has around £160 million in turnover, £1.6 billion in assets, and manages around 31,000 homes (including leasehold) across England. The social housing provider, which has one of the UK’s largest housing development programmes, aims to deliver more than 7,000 new homes over the next 10 years.