We welcome the continued affirmation of Housing 21's A- credit rating and the recognition of our stable outlook. This reflects the strength of our core social rent business and our focus on providing high-quality, affordable housing for older people. We are pleased that S&P continues to acknowledge the strong demand for our homes, the predictability of our rental income, non-reliance on property sales and our proactive investment in existing stock-particularly in meeting energy efficiency targets ahead of sector expectations.

We recognise the importance of maintaining lender confidence and continue to align our financial strategy with prudent treasury management and strong liquidity. We remain confident that Housing 21 is well placed to deliver on our strategic framework.