Norfolk Redevelopment and Housing Authority Aces Credit Rating
Standard & Poor´s (S&P) Ratings Services issued a general obligation credit rating of “A+” to the Norfolk Redevelopment and Housing Authority, which is among the highest rating to be assigned to a redevelopment and housing authority to date.
Norfolk, VA (PRWEB) June 06, 2013
Standard & Poor´s (S&P) Ratings Services issued a general obligation credit rating of “A+” to the Norfolk Redevelopment and Housing Authority, which is among the highest ratings assigned to a redevelopment and housing authority to date.
According to S&P, the ratings reflect:
- A very strong enterprise profile supported by an extremely high operational performance of its housing portfolio and excellent strategic planning.
- A strong financial profile structure with very high liquidity and very low debt burden.
- Very strong demand for quality affordable housing as evidenced by 98.3% occupancy at NRHA properties.
S&P´s findings are consistent with the results of a groundbreaking Economic Impact Study, conducted by the College of William and Mary Mason School of Business, which examined NRHA´s return on public investment and quality of life impact in Norfolk.
“We are proud to have received an A+ rating from Standard & Poor´s. This recognizes the financial and operational strength of NRHA and ranks it amongst the top rated housing and redevelopment authorities in the nation.”, remarked W. Sheppard Miller, III, Chairman of the Board for the organization.
Founded in 1940, NRHA is a national leader in community revitalization and fostering sustainable mixed-income communities. As the largest redevelopment and housing authority in Virginia, NRHA is an important driver of the local economy. More information can be found at http://www.nrha.us.
More information on the Economic Impact Study can be found at http://bit.ly/14IxZRE.
About Standard & Poor’s (S&P)
S&P is an American financial services company. It is a division of The McGraw-Hill Companies that publishes financial research and analysis on stocks and bonds. The company is one of the Big Three credit-rating agencies, which also include Moody’s Investor Service and Fitch Ratings. More information can be found at http://www.standardandpoors.com.
For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2013/6/prweb10794699.htm