BRIDGE Housing Earns A+ Credit Rating from S&P
SAN FRANCISCO, CA, May 27, 2015—Nonprofit BRIDGE Housing has received an “A+” issuer credit rating from Standard & Poor’s Ratings Services, a leading provider of independent credit risk research and benchmarks. BRIDGE is a top developer, owner and manager of affordable housing on the U.S. West Coast.
BRIDGE pursued the rating as part of its five-year strategic initiative to double its production of affordable and mixed-income housing. The following views are among those cited in Standard & Poor’s rating of BRIDGE:
- Strong overall management, coupled with a strategic plan that supports BRIDGE’s mission to provide quality low-income housing in the least-affordable markets
- Strong enterprise risk profile supported by extremely strong economic fundamentals, very strong asset quality, and development plans that continue to strengthen asset quality
- Strong financial profile, reflected by the ability to cover operating and maintenance costs from rental income, and very strong liquidity versus the average for BRIDGE’s social and affordable housing peers
- Effective strategic planning that has led to a growing and diverse portfolio of attractive housing units in multiple regions along the West Coast
“In this time of diminishing public resources, attracting capital is critical to revitalizing neighborhoods and meeting the need for affordable housing,” said Cynthia A. Parker, President and CEO of BRIDGE Housing. “The A+ rating validates the stability and solid business model that we’ve demonstrated to investors and lenders for more than 30 years. We anticipate this will enhance BRIDGE’s efforts to raise debt and equity for development and preservation of affordable and mixed-income housing.”
The report may be downloaded from www.bridgehousing.com/PDFs/BHC_SP_Rating_2015.pdf and www.standardandpoors.com (registered users only).
For more information about BRIDGE Housing, visit www.bridgehousing.com.