S&P Global Ratings' credit rating November 2025

RNS Number: 6046I

Stonewater Funding plc

21 November 2025

S&P Global Ratings' credit rating November 2025

On 21 November 2025, S&P Global Ratings ("S&P") issued a rating update for Stonewater Limited ("Stonewater"). Stonewater retained its long-term issuer credit rating of 'A-' with a stable outlook. The full report is available here: https://www.stonewater.org/investors/rating-reports/.

S&P have highlighted the continuing cost pressures resulting from investment in existing homes, slowing financial recovery further than expected. However, they have recognised Stonewater management's proactive cost management efforts which will mitigate these pressures, paired with controlled development spend, additional government grant funding and an expanded and targeted fixed asset disposal programme. Stonewater's strong liquidity position and limited sales exposure further aided the rating. The focus on social housing lettings is key to Stonewater's credit quality and demand for our homes remains high.

Jonathan Layzell, Stonewater's Chief Executive said: "We're pleased to retain an A- credit rating with a stable outlook from S&P. This follows a recent inspection by the Regulator of Social Housing where we received G1/V2/C2 ratings, confirming that Stonewater has strong foundations and is well-placed to manage the challenges facing our customers and the housing sector.

"Our focus on strong governance, sound financial management and a deep commitment to our customers underpin everything we do. This is reinforced by our recent strong half-year results showing an increase in our operating margin and other key financial measures. We are therefore in a good position to continue delivering on our promises to customers. These include helping improve living standards, lowering energy bills and reducing our carbon emissions."

For further information, please contact:

Anne Costain

Stonewater Group Telephone: 073 920 92473

Suite C, Lancaster House Email: [email protected]

Grange Business Park

Enderby Road

Whetstone

Leicester, LE8 6EP