Statement re S&P rating

S&P Rating of A Stable.

Pennaf Housing Group's rating from S&P has been affirmed at A stable. In S&P's view Pennaf still enjoys a stable demand for its services. S&P also felt there has been a material improvement in Pennaf's cash position following placement of the £250 million bond (£90million retained) in June 2017.

At the same time S&P affirmed their 'A' issue rating on the £250 million bond issued by PenArian Housing Finance PLC.