Research Update from S&P Global Ratings

RNS Release - To be issued 19/05/2023

Karbon Homes Ltd: Credit Rating outlook revised to 'Positive'; 'A' Ratings Affirmed

Karbon Homes Ltd is pleased to share with you, following the announcement made yesterday by S&P Global Ratings, that our 'A' credit rating has been affirmed and that we have received an uplift to our ratings outlook from 'stable' to 'positive'.

In their report, S&P forecasts that Karbon "will maintain relatively strong key financial metrics despite challenges affecting the social housing sector'' and that "Karbon's adjusted debt metrics and liquidity are relatively strong compared with those of many rated peers''.

Commenting on the report, Andrew Thompson (Karbon Homes' Assistant Director: Treasury) said: "This is a very welcome result and a testament to the efforts we've made at all levels of the organisation over the past 12 months, in continuing to deliver against our 'Stronger Foundations Strategy'. This has been a challenging time for our customers, dealing with increases to their costs of living, as well as for our supply chain in delivering new homes and also ensuring our existing homes are well-maintained. Yet, through the dedication of our colleagues and our board, we were confident that Karbon would respond positively to these challenges, making sure we can continue to provide strong foundations for life across the communities we serve. We are pleased that this credit rating from S&P Global Ratings acknowledges our efforts over the past year in these areas.''

The full report from S&P can be found on our website at:

https://www.karbonhomes.co.uk/about-us/corporate/

ENDS