Snohomish County Housing Authority, WA Assigned 'A+' Issuer Credit Rating

NEW YORK (S&P Global Ratings) Oct. 23, 2018--S&P Global Ratings assigned its 'A+' issuer credit rating (ICR) to the Housing Authority of Snohomish County (HASCO), Wash. The outlook is stable. "The rating reflects our view of HASCO's very strong enterprise risk profile supported by low industry risk, high demand for affordable housing in Snohomish County, and very strong operational performance, evidenced by a 0.9% vacancy rate at HASCO's managed properties," said S&P Global Ratings credit analyst Ki-Beom Park. Other factors include its: Strong financial risk profile supported by strong debt profile (debt-to-EBITDA ratio of 11.6x and strong EBITDA interest coverage of 3.5x), very strong liquidity position (with approximately 6.8x more sources of funding to cover the uses), and relatively stronger

...NEW YORK (S&P Global Ratings) Oct. 23, 2018--S&P Global Ratings assigned its 'A+' issuer credit rating (ICR) to the Housing Authority of Snohomish County (HASCO), Wash. The outlook is stable. "The rating reflects our view of HASCO's very strong enterprise risk profile supported by low industry risk, high demand for affordable housing in Snohomish County, and very strong operational performance, evidenced by a 0.9% vacancy rate at HASCO's managed properties," said S&P Global Ratings credit analyst Ki-Beom Park. Other factors include its: + Strong financial risk profile supported by strong debt profile (debt-to-EBITDA ratio of 11.6x and strong EBITDA interest coverage of 3.5x), very strong liquidity position (with approximately 6.8x more sources of funding to cover the uses), and relatively stronger financial performance compared with similarly rated peers; and + Strong management evidenced by successful operational performance and a strategic plan that supports HASCO's mission to provide...

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