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CalHFA Comments on S&P Ratings Upgrade

Published on June 14, 2019 by California Housing Finance Agency
CalHFA Comments on S&P Ratings Upgrade

CalHFA’s Issuer Credit Rating continues upward movement

SACRAMENTO, CA — The California Housing Finance Agency (CalHFA) is pleased to announce that Standard & Poor’s Global Ratings has raised CalHFA’s Issuer Credit Rating from ‘A+’ to ‘AA-‘ with a Stable Outlook. This returns CalHFA’s Issuer Credit Rating to the same level as prior to the collapse of the housing market during the Great Recession and is the third ratings upgrade during the tenure of Tia Boatman Patterson, CalHFA’s Executive Director.

The ratings action highlights an experienced leadership and senior management team dedicated to the agency’s public purpose mission, material improvement in key financial and capital adequacy ratios, six consecutive years of net operating profits, strong and improved asset quality.

“It is a testament to our team’s hard work that S&P has once again increased our Issuer Credit Rating,” said Boatman Patterson. “This is the next step in our long-term business plan goal of attaining an AA rating, and is particularly appropriate during National Homeownership Month. This higher rating will lower our cost of borrowing, which will enable us to help even more Californians find an affordable place to live.”