July 11, 2018
San Diego Housing Commission receives fifth consecutive ‘AA’ rating from Standard & Poor’s
The rating reflects SDHC’s “very strong” capacity to meet its financial commitments
SAN DIEGO, CA – The San Diego Housing Commission’s (SDHC) “strong ability to leverage resources and to develop partnerships in its efforts to revitalize its communities” is among the factors that Standard & Poor’s (S&P) Global Ratings cited as it affirmed SDHC’s “AA” credit rating for the fifth consecutive time.
The “AA” credit rating indicates that SDHC has a “very strong” capacity to meet its financial commitments. It is the second-highest credit rating that S&P issues.
“This rating is well-earned and it confirms that the San Diego Housing Commission is managed well, with innovation and fiscal responsibility to maximize our impact in assisting the low-income families we serve. This reflects the ongoing effective leadership of the San Diego City Council, our Board of Commissioners, and our President & CEO Richard C. Gentry and the San Diego Housing Commission staff,” SDHC Chairman of the Board Frank Urtasun said.
Among the factors S&P Global Ratings’ cited in its report is SDHC’s “extremely strong” liquidity position—one of the strongest among public housing authorities in the United States. SDHC maintains sufficient liquidity (cash or cash equivalents) to meet the agency’s operational requirements, as reflected in quarterly investment reports submitted to the SDHC Board of Commissioners.
“SDHC’s financial management benefits from thorough planning and budgeting, and implementation is enhanced through an extensive financial reporting system, as well as a written financial policy and procedure,” the S&P Global Ratings’ report stated.
In addition, S&P Global Ratings once again cited SDHC’s “very strong overall strategy and management,” including the agency’s strategic planning process.
Approved by the SDHC Board of Commissioners on September 9, 2016, the current SDHC Strategic Plan 2016-2020, identifies three major goals:
- Maximize resources through operational efficiencies and technological innovations.
- Increase the number of housing opportunities that serve low-income and homeless individuals and families in the city of San Diego.
- Advocate for more effective affordable housing policies and resources.
For more information, visit www.sdhc.org
###
Media Contact:
Scott Marshall
SDHC Vice President of Communications
619-578-7138 | scottm@sdhc.org
