New York, July 10, 2008. – Standard & Poor’s Ratings Service has affirmed its “AA/Stable” issuer credit rating on New York City Housing Development Corporation (NYCHDC). At the same time, Standard & Poor’s affirmed HDC’s top-tier status.
This affirmation reflects the very low-risk nature of HDC’s asset base, HDC’s very strong financial performance, HDC’s ability to meet its legislative mandate, a proactive, hands-on management philosophy which has kept nonperforming assets at zero, and New York City’s very strong rental market.
Earlier this month, Standard & Poor’s independently affirmed an “AA/Stable” rating for the New York City Residential Mortgage Insurance Corporation (REMIC), a subsidiary of HDC, citing REMIC’s financial strength, low-risk insured mortgage portfolio, prudent underwriting policies and strong management. New York City’s tight affordable housing rental market, which continues to withstand economic trends, has also contributed to REMIC’s success.
Standard & Poor’s is a leader in credit ratings and credit risk analysis, with credit ratings on approximately $32 trillion of debt in more than 100 countries. According to Standard & Poor’s, “An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The obligor’s capacity to meet its financial commitment on the obligation is very strong.”
The New York City Housing Development Corporation (HDC) provides a variety of financing programs for the creation and preservation of multi-family affordable housing throughout the five boroughs of New York City. HDC is implementing Mayor Bloomberg’s New Housing Marketplace Plan to build and preserve 165,000 units of affordable housing over 10 years. The New Housing Marketplace Plan is the largest municipal affordable housing effort in the nation’s history. HDC’s programs are designed to meet the wide range of affordable housing needs of New York City’s economically diverse population.
Contact: Mike McDermott, (212) 227-9496, mmcdermott (at) nychdc (dot) com
