LONDON - Stonewater Funding PLC announced on Monday that it has retained its top regulatory gradings of G1/V1, indicating strong governance and viability, despite the economic challenges facing housing providers. This confirmation comes after a stability check conducted on November 13, 2024.
Nicholas Harris, Chief Executive of Stonewater, expressed satisfaction with maintaining the highest standards set by the regulator, attributing this success to the dedication of the company's staff. Harris emphasized the importance of adaptability and reliability in the current climate.
However, in a separate assessment by S&P Global Ratings on November 27, 2024, Stonewater Limited's long-term issuer credit rating was downgraded from 'A' to 'A-' with a stable outlook. S&P Global Ratings cited sustained high investment in existing homes as a contributing factor, while acknowledging that grant funding and management's cost efficiency measures are expected to prevent further deterioration of credit metrics. The strategic decision to scale back developments was also noted as a factor likely to curb the rate and extent of debt increase.
Anne Costain, Chief Financial Officer of Stonewater, reaffirmed the organization's commitment to providing housing opportunities and investing in their current assets. She highlighted the company's focus on cost efficiencies to uphold a resilient financial position and support credit ratings amidst a challenging macroeconomic environment.
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