S&P Global Ratings announced it has upgraded Century Housing’s issuer credit rating to ‘AA,’ from ‘AA-’. This makes Century currently the highest-rated Community Development Financial Institution (CDFI) rated by S&P Global.
“We are gratified that S&P Global Ratings recognizes Century’s creditworthiness as a CDFI, which allows us to pursue innovative financial solutions to the housing crisis,” said Alan Hoffman, Century Senior Vice President & Chief Financial Officer. “This upgraded rating is a reflection of our longstanding commitment to manage the company to increase the supply of affordable homes.”
S&P Global Ratings also assigned a ‘AA’ rating to Century’s bonds and sustainable impact notes, and affirmed its ‘A-1+’ short-term rating on Century’s commercial paper program — the first launched by a CDFI. Investments in these securities finance sustainable affordable housing development across California.
“Our capital markets offerings help Century scale its work, in order to have the greatest impact and provide more homes for deserving individuals and families,” said Ron Griffith, Century President and Chief Executive Officer. “The upgraded credit rating is a testament to our financial strength that allows us to further our social mission of affordable housing. We invite others to join our cause.”
Century has also received an ‘AA’ credit rating from Fitch Ratings. In 2020, Century became the first CDFI to be rated by both Fitch and S&P, two of the world’s leading providers of independent credit ratings.
Century provides end-to-end financing for affordable and workforce housing developments. Since 1995, Century has invested more than $2.5 billion to help create and preserve more than 55,000 homes for low- and moderate-income Californians. Most Century-financed projects are energy-efficient, transit-oriented, and/or receive low-income housing tax credits.