Century Housing announced that it has been assigned a ‘AA’ Rating with a stable outlook by Fitch Ratings, one of the major nationally recognized financial rating organization. Fitch also assigned a AA rating with stable outlook to Century’s recent municipal bond offering, the first municipal bond offered by a Community Development Financial Institution, which raised approximately $85 million to support sustainable and socially impactful affordable housing throughout California.
Alan Hoffman, Chief Financial Officer at Century, said, “The Fitch ‘AA stable’ rating, with Century’s ‘AA- stable’ rating from S&P Global, in combination with the Sustainalytics second party opinion designating our bonds Sustainability Bonds, provides investors with confirmation that an investment in Century is not only socially and environmentally very impactful, but has a lower financial risk, as well.”
To further develop its access to capital markets, Century sought a second financial credit rating to provide investors with additional confirmation of Century’s financial strength in the current economic environment. Century provides critical financing to address the shortage of affordable housing, which is a root cause of social and economic inequality. The affordable housing that Century finances also incorporates significant sustainable and energy-efficient building standards.