Massachusetts Housing Finance Agency ICR Raised To 'AA-' On Robust Asset Base, Strong Profitability

NEW YORK (Standard&Poor's) Dec. 7, 2015--Standard&Poor's Ratings Services raised its issuer credit rating (ICR) to 'AA-' from 'A+' on Massachusetts Housing Finance Agency (Mass Housing). The outlook is stable. "The raised rating is based on our view of Mass Housing's very strong and stable asset base, a significant reduction in the level of nonperforming assets over the past several years, strong profitability ratios relative to those of peers, and steadily improving equity levels," said Standard&Poor's credit analyst Karen Fitzgerald. Mass Housing's asset base of $5.25 billion as of June 30, 2015, makes it one of the largest state housing finance agencies with ICRs assigned by Standard&Poor's. Standard&Poor's believes that Mass

...NEW YORK (Standard & Poor's) Dec. 7, 2015--Standard & Poor's Ratings Services raised its issuer credit rating (ICR) to '##-' from 'A+' on Massachusetts Housing Finance Agency (Mass Housing). The outlook is stable. "The raised rating is based on our view of Mass Housing's very strong and stable asset base, a significant reduction in the level of nonperforming assets over the past several years, strong profitability ratios relative to those of peers, and steadily improving equity levels," said Standard & Poor's credit analyst Karen Fitzgerald. Mass Housing's asset base of $5.25 billion as of June 30, 2015, makes it one of the largest state housing finance agencies with ICRs assigned by Standard & Poor's. Standard & Poor's believes that Mass Housing has achieved this through its stable and marketable mortgage products and its commitment to sustainable, affordable homeownership. Mass Housing has continued to provide financing for affordable homeownership and multifamily housing development,...

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