60RZ Wheatley 44

TIDM60RZ

RNS Number : 7211A

Wheatley Group Capital PLC

25 May 2023

Wheatley Group retains its A+ (stable outlook) rating by Standard & Poor's

In its research update released today (Thursday, May 25, 2023), Standard & Poor's Global Ratings (S&P) reported Wheatley - Scotland's leading housing, care and property-management group - had retained its A+ (stable outlook).

Wheatley, 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, success in embedding sustainability targets into its financing and the evolving Scottish policy and regulatory context.

The retention of the A+ credit rating for Wheatley underlines the strong financial management within the Group against a backdrop of a challenging economic operating environment and downgrades across the housing sector.

The research update highlighted the "strong demand for Wheatley's properties and prudent planning" and a "focus on traditional activities and expanding asset base".

S&P's report also noted Wheatley's focus on achieving ambitious net-zero and environmental objectives, adding: "The Group's strategy continues to place a strong emphasis on asset quality and achieving sustainability targets, such as energy efficiency and carbon neutrality. This is evidenced in more than 90% of its stock at Energy Performance Certificate (EPC) C standards (or higher)."

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.

Wheatley Group Chief Executive Steven Henderson said: "In these particularly challenging times, it is an outstanding achievement to be among an elite group of housing providers in the UK to hold an A+ (stable outlook) rating.

"It is further validation of our strong financial position and the vision set out in our five-year strategy, 'Your Home, Your Community, Your Future'.

"It is also testament to the outstanding work carried out each and every day by over 3000 staff across the west, east and south of Scotland who are Making Homes and Lives Better for customers in our communities."

For more information, contact: Stuart Darroch

Tel: 0141 274 5708

Email: stuart.darroch@wheatley-group.com

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