S&P Global Ratings' U.S. Public Finance Housing rating actions for fourth-quarter 2022 included 15 positive rating actions and 13 negative rating actions. There were also 44 affirmations.
Fourth-Quarter Rating Actions
We took positive rating actions on 15 individual ratings, which included seven positive outlook changes, four upgrades, and four ratings removed from CreditWatch.
The upgrades reflected improved financial ratios and strengthened asset quality paired with reduced leverage and risk ("Massachusetts Housing Finance Agency," published Oct. 13, 2022, and "California Housing Finance Agency," published Dec. 12, 2022, both on RatingsDirect), the MRBP criteria implementation ("Wisconsin Housing & Economic Development Authority," published Oct. 19, 2022), and improved coverage and liquidity ("Philadelphia Industrial Development Authority/University Plaza Associates L.P.," published Dec. 7, 2022).
Table 1
Positive Rating Actions, Fourth-Quarter 2022 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Prior Rating | Outlook | Prior Outlook | ASID Display Name | Reason for Rating | ||||||
BBB+ | STABLE | NM | Southern California Home Fin Auth, CA Single Family Multi-Agency MBS 2002A Indenture | Change based on rating action taken on GE (GIC provider) | ||||||
BBB+ | STABLE | NM | Fulton Cnty Hsg Auth, GA Single Family Multi-Agency MBS 1998 Indenture | Change based on rating action taken on GE (GIC provider) | ||||||
BBB+ | STABLE | NM | Chicago, IL Multi-Family GNMA MBS Cottage View Terrace Apts | Based on rating action taken on GE (GIC provider) | ||||||
AA- | STABLE | NM | Paducah Hsg Auth, KY HUD Capital Fund Financing | CW removed after recipt of sufficient information | ||||||
CCC+ | STABLE | NEGATIVE | Assisted Living Foundation of America, CA Section 8 Affordable Housing Parkway Villa Apts | Stabilizing coverage and liquidity and market position | ||||||
CCC+ | STABLE | NEGATIVE | Assisted Living Foundation of America, CA Section 8 Affordable Housing Parkway Villa Apts 2nd Lien | Stabilizing coverage and liquidity and market position | ||||||
B+ | STABLE | NEGATIVE | Trinity Affordable Hsg Corp, IL Affordable Housing Estates at Eagles Pointe Proj | Improved coverage and liquidity | ||||||
A+ | POSITIVE | STABLE | Enterprise Community Loan Fund, Inc., MD General Obligation | Improved equity ratios and reduced risk in loan portfolio | ||||||
A+ | POSITIVE | STABLE | Enterprise Community Loan Fund, Inc., MD General Obligation ICR | Improved equity ratios and reduced risk in loan portfolio | ||||||
AA+ | STABLE | NEGATIVE | Michigan St Hsg Dev Auth, MI General Resolution | MRBP criteria Implementation | ||||||
A | POSITIVE | STABLE | Buffalo Municipal Housing Authority NY HUD Capital Fund Financing | Improved managerial capacity | ||||||
AA- | STABLE | STABLE | California Hsg Fin Agy, CA General Obligation ICR | Improved net equity and profitability ratios, reduced leverage and risk | ||||||
AA | STABLE | POSITIVE | Massachusetts Hsg Fin Agy, MA Housing Bonds | Strengthened loan portfolio, conservative debt portfolio and strong management | ||||||
BBB | STABLE | STABLE | Univ Plaza Associates, PA Section 8 Affordable Housing University Square Apts 2nd Lien | Improved coverage and liquidity after renovation completion | ||||||
AA | STABLE | STABLE | Wisconsin Hsg & Econ Dev Auth, WI 1974 HRB Indenture | MRBP criteria Implementation | ||||||
NM--Not meaningful. |
We took negative rating actions on 13 individual ratings, which included seven negative outlook changes, three downgrades, and three ratings placed on CreditWatch with negative implications.
The downgrades all mainly reflected deteriorated coverage and liquidity in our rental-housing portfolio ("FFAH Carver Gardens, LLC, Florida/Public Finance Authority, Wisconsin," published Oct. 24, 2022; "Shalimar Town, Florida/Emerald Coast Housing II Inc.," published Nov. 16, 2022; and "Atlantic Housing Foundation Inc./Texas/Capital Trust Agency, Florida," published Dec. 6, 2022).
Table 2
Negative Rating Actions -- Fourth-Quarter 2022 | ||||
---|---|---|---|---|
Prior Rating | Outlook | Prior Outlook | ASID Display Name | Reason for Rating |
BBB+ | STABLE | NM | Southern California Home Fin Auth, CA Single Family Multi-Agency MBS 2002A Indenture | Change based on rating action taken on GE (GIC provider) |
BBB+ | STABLE | NM | Fulton Cnty Hsg Auth, GA Single Family Multi-Agency MBS 1998 Indenture | Change based on rating action taken on GE (GIC provider) |
BBB+ | STABLE | NM | Chicago, IL Multi-Family GNMA MBS Cottage View Terrace Apts | Based on rating action taken on GE (GIC provider) |
AA- | STABLE | NM | Paducah Hsg Auth, KY HUD Capital Fund Financing | CW removed after recipt of sufficient information |
CCC+ | STABLE | NEGATIVE | Assisted Living Foundation of America, CA Section 8 Affordable Housing Parkway Villa Apts | Stabilizing coverage and liquidity and market position |
CCC+ | STABLE | NEGATIVE | Assisted Living Foundation of America, CA Section 8 Affordable Housing Parkway Villa Apts 2nd Lien | Stabilizing coverage and liquidity and market position |
B+ | STABLE | NEGATIVE | Trinity Affordable Hsg Corp, IL Affordable Housing Estates at Eagles Pointe Proj | Improved coverage and liquidity |
A+ | POSITIVE | STABLE | Enterprise Community Loan Fund, Inc., MD General Obligation | Improved equity ratios and reduced risk in loan portfolio |
A+ | POSITIVE | STABLE | Enterprise Community Loan Fund, Inc., MD General Obligation ICR | Improved equity ratios and reduced risk in loan portfolio |
AA+ | STABLE | NEGATIVE | Michigan St Hsg Dev Auth, MI General Resolution | MRBP criteria Implementation |
A | POSITIVE | STABLE | Buffalo Municipal Housing Authority NY HUD Capital Fund Financing | Improved managerial capacity |
AA- | STABLE | STABLE | California Hsg Fin Agy, CA General Obligation ICR | Improved net equity and profitability ratios, reduced leverage and risk |
AA | STABLE | POSITIVE | Massachusetts Hsg Fin Agy, MA Housing Bonds | Strengthened loan portfolio, conservative debt portfolio and strong management |
BBB | STABLE | STABLE | Univ Plaza Associates, PA Section 8 Affordable Housing University Square Apts 2nd Lien | Improved coverage and liquidity after renovation completion |
AA | STABLE | STABLE | Wisconsin Hsg & Econ Dev Auth, WI 1974 HRB Indenture | MRBP criteria Implementation |
There were 44 affirmations out of 72 total rating actions during fourth-quarter 2022, or about 61% of rating actions, slightly higher than third-quarter 2022 (59%), which had a large number of ratings removed from CreditWatch. As of January 2023, about 93% of our ratings carry stable outlooks, partially reflecting resiliency and strong portfolio metrics presented by our rated universe. (For more information, see "Outlook For U.S. Public Finance Housing: Economic Winds Won't Blow The House Down," published Jan. 19, 2023.) We typically review the parity rating of an issuer in conjunction with any new-money or refunding debt sale. During fourth-quarter 2022, we rated 17 new sales in conjunction with affirmations. This pace was slightly higher than the prior year (fourth-quarter 2021), which saw 14 new sales.
Table 3
Affirmations And New Sales -- Fourth-Quarter 2022 | |||||
---|---|---|---|---|---|
Outlook | ASID Display Name | Type of Review | Outlook | ASID Display Name | Type of Review |
STABLE | Alaska Hsg Fin Corp, AK Home Mortgage Revenue Bonds (GO) | Full Review | STABLE | Alaska Hsg Fin Corp, AK Home Mortgage Revenue Bonds (GO) | Full Review |
STABLE | Arkansas Dev Fin Auth, AR Single Family Multi-Agency MBS 1995 Resolution | Full Review | STABLE | Arkansas Dev Fin Auth, AR Single Family Multi-Agency MBS 1995 Resolution | Full Review |
STABLE | California Dept of Vet Affairs, CA Veterans General Obligation Bonds (CA St GO) | Full Review | STABLE | California Dept of Vet Affairs, CA Veterans General Obligation Bonds (CA St GO) | Full Review |
STABLE | California Dept of Vet Affairs, CA Home Purchase Revenue Bonds | Full Review | STABLE | California Dept of Vet Affairs, CA Home Purchase Revenue Bonds | Full Review |
STABLE | Clearinghouse CDFI, CA General Obligation ICR | Full Review | STABLE | Clearinghouse CDFI, CA General Obligation ICR | Full Review |
STABLE | San Diego Hsg Auth, CA FNMA Standby Agreement Windwood Village Apts | Full Review | STABLE | San Diego Hsg Auth, CA FNMA Standby Agreement Windwood Village Apts | Full Review |
STABLE | Century Housing Corporation CA HFA General Obligation Impact Investment Bonds | New Sale | STABLE | Century Housing Corporation CA HFA General Obligation Impact Investment Bonds | New Sale |
STABLE | Century Hsg Corp, CA General Obligation ICR | New Sale | STABLE | Century Hsg Corp, CA General Obligation ICR | New Sale |
STABLE | Colorado Hsg & Fin Auth, CO Single Family Mortgage Bonds Class II | New Sale | STABLE | Colorado Hsg & Fin Auth, CO Single Family Mortgage Bonds Class II | New Sale |
STABLE | Colorado Hsg & Fin Auth, CO Single Family Mortgage Bonds Class III | New Sale | STABLE | Colorado Hsg & Fin Auth, CO Single Family Mortgage Bonds Class III | New Sale |
STABLE | Colorado Hsg & Fin Auth, CO Single Family Mortgage Bonds Class I | New Sale | STABLE | Colorado Hsg & Fin Auth, CO Single Family Mortgage Bonds Class I | New Sale |
STABLE | Connecticut Housing Finance Authority, CT Multi-Family Whole Loans General Mult-Family Resolution and General Obligation | New Sale | STABLE | Connecticut Housing Finance Authority, CT Multi-Family Whole Loans General Mult-Family Resolution and General Obligation | New Sale |
STABLE | Connecticut Hsg Fin Auth, CT Single Family Whole Loan and General Obligation - CHFA General Bond Resolution | New Sale | STABLE | Connecticut Hsg Fin Auth, CT Single Family Whole Loan and General Obligation - CHFA General Bond Resolution | New Sale |
STABLE | The Vireo Apartments LP, IN Multi-Family FNMA MBS TEMS Series 2018M | Full Review | STABLE | The Vireo Apartments LP, IN Multi-Family FNMA MBS TEMS Series 2018M | Full Review |
STABLE | Iowa Fin Auth, IA MBS 1991 SFMBS Resolution | Full Review | STABLE | Iowa Fin Auth, IA MBS 1991 SFMBS Resolution | Full Review |
STABLE | Maine St Hsg Auth, ME Mortgage Purchase Program Resolution | Full Review | STABLE | Maine St Hsg Auth, ME Mortgage Purchase Program Resolution | Full Review |
STABLE | Massachusetts Hsg Partnership Fd Bd, MA General Obligation ICR | Full Review | STABLE | Massachusetts Hsg Partnership Fd Bd, MA General Obligation ICR | Full Review |
STABLE | Massachusetts Hsg Fin Agy, MA Housing Bonds | New Sale | STABLE | Massachusetts Hsg Fin Agy, MA Housing Bonds | New Sale |
STABLE | Massachusetts Hsg Fin Agy, MA Single-Family Mortgage Bonds | New Sale | STABLE | Massachusetts Hsg Fin Agy, MA Single-Family Mortgage Bonds | New Sale |
STABLE | 848 Payne, LLLP MN Multi-Family M-TEMS | Full Review | STABLE | 848 Payne, LLLP MN Multi-Family M-TEMS | Full Review |
STABLE | Minnesota Housing Finance Agency, MN Single Family | New Sale | STABLE | Minnesota Housing Finance Agency, MN Single Family | New Sale |
STABLE | Minnesota Hsg Fin Agy, MN Rental Housing Bond Resolution | New Sale | STABLE | Minnesota Hsg Fin Agy, MN Rental Housing Bond Resolution | New Sale |
STABLE | Montana Brd of Hsg MT, SF I Indenture | Full Review | STABLE | Montana Brd of Hsg MT, SF I Indenture | Full Review |
STABLE | Nebraska Invest Fin Auth, NE SFHRB Resolution | New Sale | STABLE | Nebraska Invest Fin Auth, NE SFHRB Resolution | New Sale |
STABLE | New Mexico Mtg Fin Auth, NM 2005 Single Family Program General Indenture | Full Review | STABLE | New Mexico Mtg Fin Auth, NM 2005 Single Family Program General Indenture | Full Review |
STABLE | Local Initiatives Support Corporation, NY General Obligation | Full Review | STABLE | Local Initiatives Support Corporation, NY General Obligation | Full Review |
STABLE | New York City Hsg Dev Corp, NY Multi-Family Whole Loans - Multifamily General Resolution | Full Review | STABLE | New York City Hsg Dev Corp, NY Multi-Family Whole Loans - Multifamily General Resolution | Full Review |
STABLE | North Carolina Hsg Fin Agy, NC Single Family MBS Whole Loan - 1998 Trust Agreement | New Sale | STABLE | North Carolina Hsg Fin Agy, NC Single Family MBS Whole Loan - 1998 Trust Agreement | New Sale |
POSITIVE | Reinvestment Fund, Inc [The], PA General Obligation 2nd Lien | Full Review | POSITIVE | Reinvestment Fund, Inc [The], PA General Obligation 2nd Lien | Full Review |
POSITIVE | Reinvestment Fund, Inc [The], PA General Obligation ICR | Full Review | POSITIVE | Reinvestment Fund, Inc [The], PA General Obligation ICR | Full Review |
STABLE | Univ Plaza Associates, PA Section 8 Affordable Housing University Square Apts | Full Review | STABLE | Univ Plaza Associates, PA Section 8 Affordable Housing University Square Apts | Full Review |
STABLE | Rhode Island Housing & Mortgage Finance Corporation, RI Homeownership Opportunity Bond Resolution | New Sale | STABLE | Rhode Island Housing & Mortgage Finance Corporation, RI Homeownership Opportunity Bond Resolution | New Sale |
STABLE | Tennessee Hsg Dev Agy, TN Single Family Whole Loan - 2013 General Residential Finance Program | Full Review | STABLE | Tennessee Hsg Dev Agy, TN Single Family Whole Loan - 2013 General Residential Finance Program | Full Review |
STABLE | EMLI Pecan TC I LP, TX Multifamily Tax-Exempt Mortgage-Backed Bonds Series 2020 | Full Review | STABLE | EMLI Pecan TC I LP, TX Multifamily Tax-Exempt Mortgage-Backed Bonds Series 2020 | Full Review |
STABLE | Texas Department of Housing & Community Affairs Single Family Mortgage Rev Bnd Indenture | Full Review | STABLE | Texas Department of Housing & Community Affairs Single Family Mortgage Rev Bnd Indenture | Full Review |
STABLE | Texas Dept of Hsg & Comnty Affairs, TX Single Family Multi-Agency MBS and Whole Loans 1980 Indenture | New Sale | STABLE | Texas Dept of Hsg & Comnty Affairs, TX Single Family Multi-Agency MBS and Whole Loans 1980 Indenture | New Sale |
STABLE | Texas Dept of Hsg & Comnty Affairs, TX Single Family Multi-Agency MBS and Whole Loans 1980 Indenture 2nd Lien | New Sale | STABLE | Texas Dept of Hsg & Comnty Affairs, TX Single Family Multi-Agency MBS and Whole Loans 1980 Indenture 2nd Lien | New Sale |
STABLE | Utah Hsg Corp., UT Single Family Multi-Agency MBS TEMS | Full Review | STABLE | Utah Hsg Corp., UT Single Family Multi-Agency MBS TEMS | Full Review |
STABLE | Virginia Hsg Dev Auth, VA Commonwealth Mortgage Bonds w GO | Full Review | STABLE | Virginia Hsg Dev Auth, VA Commonwealth Mortgage Bonds w GO | Full Review |
STABLE | Virginia Hsg Dev Auth, VA Homeownership Bonds w/ GO (NIBP) | Full Review | STABLE | Virginia Hsg Dev Auth, VA Homeownership Bonds w/ GO (NIBP) | Full Review |
STABLE | West Virginia Hsg Dev Fd, WV Housing Finance Bond w GO | Full Review | STABLE | West Virginia Hsg Dev Fd, WV Housing Finance Bond w GO | Full Review |
STABLE | Wisconsin Hsg Pres Corp, WI General Obligation ICR | Full Review | STABLE | Wisconsin Hsg Pres Corp, WI General Obligation ICR | Full Review |
STABLE | Wisconsin Hsg & Econ Dev Auth, WI Home Ownership Mortgage Revenue Bonds (NIBP) | Full Review | STABLE | Wisconsin Hsg & Econ Dev Auth, WI Home Ownership Mortgage Revenue Bonds (NIBP) | Full Review |
STABLE | Georgia Hsg and Fin Auth, GA Single Family Whole Loan - 1976 General Resolution | New Sale | STABLE | Georgia Hsg and Fin Auth, GA Single Family Whole Loan - 1976 General Resolution | New Sale |
We also rated two new issuers in fourth-quarter 2022. We rated one issuer under our "Methodology For Rating Public And Nonprofit Social Housing Providers," criteria, published June 1, 2021, and one under our "Methodology And Assumptions: Housing Finance Agencies And Social Enterprise Lending Organizations," criteria, published Dec. 27, 2016.
Table 4
New Issuers -- Fourth-Quarter 2022 | ||||
---|---|---|---|---|
Portfolio | State | Rating | Outlook | ASID Display Name |
CDFI ICR | New York | A+ | STABLE | National Development Council, NY General Obligation ICR |
Social Housing Provider ICR | Florida | A+ | STABLE | Jacksonville Hsg Auth, FL General Obligation ICR |
Related Research
- U.S. Housing Finance Agency Issuer Credit Ratings Build Strength Ahead Of New Challenges, Oct. 12, 2022
- With Capital Needs High, U.S. Public Housing Authorities Maintain Strong Credit Quality On Capital Fund Bonds, April 18, 2022
- Strong Management Continues To Determine Performance For U.S. Rental Housing Bonds, May 25,2022
- U.S. Housing Finance Agency Programs Have The Resilience To Navigate The Uncertain Economic Landscape, Oct. 20, 2022
This report does not constitute a rating action.
This report does not constitute a rating action.
Primary Credit Analyst: | Sam Krouse, Houston (1) 214-871-1409; sam.krouse@spglobal.com |
Secondary Contact: | Shirley Murillo, New York (646) 831-2467; shirley.murillo@spglobal.com |
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