RIHousing Homeownership Opportunity Bond Rating Upgraded by Moody’s
PROVIDENCE, RI –RIHousing announced yesterday that Moody’s Investor Service has assigned Aa1 ratings to RIHousing’s Homeownership Opportunity bonds which is an upgrade from the existing Aa2 rating. The ratings increase could result in reduced borrowing costs for the agency, which RIHousing can then pass along to borrowers in the form of lower interest rates.
The increase is based on the company’s strong financial position and loan portfolio performance—it is Wall Street’s way of recognizing the agency’s strong financial health. The Chairman of RIHousing’s Board of Commissioners, Nicolas P. Retsinas praised management at the August Board meeting: “It is always nice to have third party validation of your work, especially when it also saves money.”
The Executive Director of RIHousing, Barbara Fields, welcomed the ratings change stating, “A stronger bond rating is an indication that Rhode Island’s economy is moving in the right direction. This year we are helping even more Rhode Islanders make that leap into a home of their own.”
Moody’s rating for RIHousing’s Homeownership Opportunity bonds now matches that of Standard and Poor’s. RIHousing will have $105 million in Homeownership Opportunity bonds available for sale August 21, 2018.
RIHousing works to ensure that all people who live and work in Rhode Island can afford a healthy, attractive home that meets their needs. RIHousing uses its resources to provide loans, grants, education and assistance to help Rhode Islanders find, rent, buy, build and keep a good home. Created by the General Assembly in 1973, RIHousing is a self-sustaining corporation and receives no state funding for operations.