20 May, 2024
Wheatley
Housing Group retains its A+ (stable outlook) rating by S&P
Global Ratings
Wheatley Housing Group - Scotland's leading
housing, care and property-management organisation - said on Monday
(20 May, 2024) it has retained its A+ (stable outlook) rating from
S&P Global Ratings (S&P).
Core entities, Wheatley Group Capital PLC and
Wheatley Homes Glasgow, also retained A+ (stable outlook)
ratings.
The Group, which owns and manages over 93,700
homes in 19 local authority areas in Scotland, had its annual
review carried out by S&P in April this year.
This involved detailed analysis of the Group's
business and financial performance, progress with its new-build
programme, delivery of the investment into existing homes and the
evolving Scottish policy and regulatory context.
Strong management, focus on traditional social
housing activities and flexibility of plans enabled the Group to
navigate the challenging economic operating environment over the
last year resulting in the retention of the A+ rating.
The research update highlighted a "strong
demand for Wheatley's properties" and "strong affordability levels"
with a focus on core activities such as providing affordable
homes.
The "solid quality of the Group's existing
assets" references the Group's ambitious investment programme, with
S&P noting the energy performance of homes as "more favourable
than sector peers" with almost 92% of homes meeting Band C or above
by EPC rating.
As well as the Group retaining its rating,
S&P also announced Lowther, which provides Wheatley's
mid-market homes and property-management services, had retained its
'A' rating.
Pauline Turnock, Wheatley Group Director of
Finance, said: "Today's announcement by S&P serves as further
evidence of Wheatley's position as one of the highest rated and
best performing housing groups in the UK.
"The past year has been extremely challenging
for the sector, and this credit rating demonstrates confidence in
our strong financial performance and our ability to navigate
uncertainty caused by broader political events.
"Importantly, it also acknowledges the
exceptional efforts of our staff in providing high levels of
customer service and their contributions to supporting our
communities across Scotland."
Ends
For more information, contact:
Stuart Darroch
Director of Communications and
Marketing
07799 071 734
stuart.darroch@wheatley-group.com