Press Releases
SC State Housing Receives Triple A Rating from Top Credit Rating Agency - 12/16/2009
With the housing market beginning to show signs of recovery, the news just keeps getting better for the South Carolina State Housing Finance and Development Authority. Moody's Investors Service has assigned a rating of Aaa to the approximately $120 million Revenue Bonds that SC State Housing expects to issue early in January.
SC State Housing executive director Valarie Williams said the bonds will be sold to investors, raising capital for the state agency’s popular home buyer program. The program specializes in low interest, fixed-rate mortgages with down payment assistance for eligible home buyers.
The bonds will be limited obligation revenue bonds of the Authority payable solely from the revenues pledged under the resolution. Moody’s Investors Service, which performs financial research and analysis on commercial and government entities, has called the outlook “stable,” and awarded its highest investment grade of Aaa.
The stable outlook is based on the legal structure of the transaction and the investments securing the escrow prior to conversion. Moody’s judges obligations rated Aaa to be “of the highest quality, with the smallest degree of risk.”
The company also ranks the credit-worthiness of borrowers using a standardized ratings scale. Moody’s has a 40% share in the world credit rating market.
SC State Housing officials plan to announce details of its anticipated Mortgage Revenue Bond (MRB) Program in January, 2010. SC State Housing is South Carolina's leading provider of capital for affordable housing and is a self-sufficient agency of state government.
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