February 12, 2015
SACRAMENTO, February 12, 2015 – The California Housing Finance Agency commented today on a decision by Moody's Investor Service to upgrade its rating on the agency's Home Mortgage Revenue Bonds from Baa2 to A3.
Moody's also affirmed its Aaa/VMIG 1 enhanced ratings on CalHFA's Home Mortgage Revenue Bonds variable rate demand bonds and affirmed the A3 ratings on CalHFA's issuer rating and the Housing Program Bonds. Moody's revised its outlook on the issuer and Housing Program Bonds ratings to positive from stable.
"We are pleased by the upgrade and the other actions by Moody's," said Tia Boatman Patterson, Executive Director of CalHFA. "The improved rating and revised outlook will allow us to more efficiently raise funds and serve the housing needs of the people of California."
In its report, Moody's cited improvement in the financial performance and notable decrease in the overall delinquencies for the bonds' underlying single family loans and the ability of the cash flows to completely sustain all stress runs.
"The A3 rating reflects the program's solid financial performance demonstrated by increased balance sheet strength and profitability, satisfactory loan performance with relatively low single family mortgage loan delinquencies and foreclosures, and improved cash flow projections under all stress runs," Moody's said in a news release issued today.
The California Housing Finance Agency was created in 1975 with the goal of helping more Californians find a place to call home. CalHFA is a self-supported state agency that doesn't rely on taxpayer dollars. For more information on CalHFA programs, and how we are creating progressive financing solutions for affordable housing in California, visit www.calhfa.ca.gov or call toll free 877.9.CalHFA (877.922.5432).
For more information on CalHFA, please visit www.calhfa.ca.gov.
Contact: Kenneth Giebel
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