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HDC Press Releases
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July
10, 2008
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Standard & Poor's
Affirms "AA" Issuer
Credit Rating on New
York City Housing
Development
Corporation Bonds
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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@nychdc.com
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