Standard & Poor’s Ratings Services has raised its long-term rating and the underlying rating of the California Housing Finance Agency’s Home Mortgage Revenue bonds from BBB to A-, the company announced in a press release.
"This upgrade is great news for CalHFA and for Californians who look to CalHFA to help them achieve their dream of homeownership," said Claudia Cappio, executive director of CalHFA.
"With a stronger credit rating, CalHFA will now have more financing options, which should lower our borrowing costs and allow us to expand our lending for low and moderate income, first-time homebuyers," Cappio said.
During the financial crisis and downturn in the California real estate market, the agency’s debt had been downgraded twice by S&P.
"CalHFA worked diligently through the financial crisis to manage our agency’s balance sheet," Cappio said. "This upgrade is a culmination of work that has occurred behind the scenes for many years by our team at CalHFA."