Press release

Standard & Poor’s reaffirms Wellcome Trust’s AAA credit rating

The Wellcome Trust announced today that its AAA (stable) credit rating has been reaffirmed by Standard & Poor’s. The Trust continues to be rated Aaa (stable) by Moody’s Investors Service (Moody’s). These ratings are the highest available from both agencies and are reflective of the Wellcome Trust investment portfolio’s high levels of liquidity, low levels of leverage and its continued outperformance against financial markets.

In 2006, the Wellcome Trust became the first UK charity to be awarded the AAA/Aaa ratings from Standard & Poor's and Moody's respectively and has subsequently issued £825 million of long-dated sterling-denominated debt.

The Wellcome Trust has over 25 years' experience of managing a highly diversified investment portfolio. The investment base was valued at £13.6 billion at 30 September 2011. Since the portfolio's inception in 1985, it has delivered a 14 per cent net annualised return. Each year, it spends over £600 million to achieve its mission of achieving extraordinary improvements in human and animal health.

Danny Truell, Chief Investment Officer at the Wellcome Trust, said: "We are pleased to havehad our AAA (stable) credit rating from Standard & Poor's reaffirmed. We continue to maintain our commitment to AAA/Aaa credit ratings, which constitute one of our portfolio's most important competitive advantages today.

"In combination with a long-term time horizon, real-time governance and strong alignment with leading global partners, these advantages position the portfolio well to continue to benefit from its exposure to global economic activity. This will enable us to continue to support the very best biomedical researchers globally and to work towards our mission of achieving extraordinary improvements in human and animal health."