Research Update

Wheatley Group Capital PLC

20 May 2024

 

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

[e-mail]

 

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