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Standard & Poor's
Affirms "AA" Issuer
Credit Rating on New
York City Housing
Development
Corporation Bonds
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.
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This year’s report highlights the significant accomplishments of fiscal 2006 – from our award-winning pooled financing of renovations on 10 senior housing buildings in Brooklyn and Queens to the conversion of a dilapidated 1850s-era Bronx mansion into housing aimed at grandparents raising their grandchildren to many other innovative renovation and construction projects. But the bulk of the report is dedicated to telling the remarkable story of the great growth we have experienced in the past three years and its culmination in ribbon cutting ceremonies and housing for hard working New Yorkers.