CalHFA Comments on S&P Ratings Upgrade

CalHFA’s Issuer Credit Rating continues upward movement

SACRAMENTO–(BUSINESS WIRE)–The California Housing Finance Agency (CalHFA) is pleased to announce
that Standard & Poor’s Global Ratings has raised CalHFA’s Issuer Credit
Rating from ‘A+’ to ‘AA-‘ with a Stable Outlook. This returns CalHFA’s
Issuer Credit Rating to the same level as prior to the collapse of the
housing market during the Great Recession and is the third ratings
upgrade during the tenure of Tia Boatman Patterson, CalHFA’s Executive
Director.

The ratings action highlights an experienced leadership and senior
management team dedicated to the agency’s public purpose mission,
material improvement in key financial and capital adequacy ratios, six
consecutive years of net operating profits, strong and improved asset
quality.

“It is a testament to our team’s hard work that S&P has once again
increased our Issuer Credit Rating,” said Boatman Patterson. “This is
the next step in our long-term business plan goal of attaining an AA
rating, and is particularly appropriate during National Homeownership
Month. This higher rating will lower our cost of borrowing, which will
enable us to help even more Californians find an affordable place to
live.”

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 at 877.9.CalHFA (877.922.5432).

Contacts

Contact: Eric Johnson
Phone: 916.326.8601
Fax: 916.322.2345
ejohnson@calhfa.ca.gov
www.calhfa.ca.gov

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