Credit Rating Announcement

S&P Global Ratings' credit rating March 2023

On 28 March 2023 S&P Global Ratings issued a rating update for Incommunities Limited lowering its long-term issuer credit rating to 'A' from 'A+' (outlook negative), highlighting "the increasing investment in existing assets, to address enhanced building and safety standards and the push toward energy efficiency, further exacerbated by inflationary pressures".

Rachael Dennis, Incommunities Chief Executive Officer said:

"Incommunities remains committed to supporting our customers though our asset improvement plan, despite the current macroeconomic climate which is affecting all housing associations. Our customers and our local community remain at the heart of our business and the investment in existing assets is a priority for our Group Board and Executive Management team. As a result, we view the rating outcome as a reflection of our resilience in the current climate as well as our commitment to provide well maintained and safe homes for our residents. We continue to retain flexibility to adjust our development programme should cost rise above our current expectations."

For further information please contact Surinder Sandhu ([email protected]).

http://www.rns-pdf.londonstockexchange.com/rns/6126U_1-2023-3-29.pdf