BRIDGE Housing Continues to Earn Strong S&P Credit Rating
2024年7月26日 - 1:00AM
ビジネスワイヤ(英語)
Citing BRIDGE Housing’s “extremely strong management” that is
forging ahead with a mission-supporting strategic plan, S&P
Global Ratings has reaffirmed its AA- credit rating for the
nonprofit housing developer.
BRIDGE is proud to maintain this credit rating from S&P – a
leading provider of independent credit risk research and benchmarks
-- following its upgrade to AA- last year. AA- is the highest
credit rating assigned to any nonprofit housing developer.
In issuing its rating, S&P expressed confidence in BRIDGE’s
management, risk profile, financial performance, and revenue
generating opportunities. In summarizing the rating, S&P
focused on BRIDGE’s:
- “Extremely strong management and a strategic plan that supports
its mission to provide quality low-income housing in the least
affordable markets;
- “Very strong enterprise risk profile, supported by our
assessment of strong market position, low industry risk and
extremely strong management and governance;
- “Very strong financial risk profile supported by very strong
financial performance (as measured by an average 40.2% adjusted
EBITDA to adjusted revenue), an adequate debt profile, and
extremely strong liquidity ratios (6.1x funding to cover uses);
and
- “Ability to generate revenue streams from in-house development
and operating activities.”
“BRIDGE appreciates S&P’s recognition of the importance of
our mission and its confidence in our ability to deliver on that
mission,” said BRIDGE Housing President and CEO Ken Lombard. “The
housing affordability gap is growing by the day, and we are
employing financial tools to deliver solutions at scale so we can
open doors to opportunity and uplift residents’ lives.”
BRIDGE was the first nonprofit housing developer to receive an
S&P rating. That rating was instrumental in supporting the
nonprofit’s work to issue $100 million in General Obligation Bonds
to accelerate its affordable housing development pipeline.
From leveraging federal and state resources to cultivating
partnerships with leading Wall Street firms, BRIDGE continues to
focus on bolstering its financial strength and flexibility and
opening new avenues for private market-based capital.
“At BRIDGE, our history of innovation and ability to deliver
tangible results have distinguished us as an industry leader,” said
Delphine Sherman, BRIDGE’s CFO. “As we look to the future, we
continue to pursue new and better ways to finance projects, in
collaboration with public and private sector partners, to expand
the volume of affordable units we can deliver in our markets along
the West Coast.”
The full S&P ratings report is available at this link.
About BRIDGE Housing
BRIDGE Housing is a leading nonprofit developer, owner and
manager of high-quality affordable housing on the West Coast, with
a mission to strengthen communities and improve lives. Founded in
1983, BRIDGE has participated in the creation of more than 21,000
affordable homes in California, Oregon and Washington, with a total
development cost of $5.2 billion. Its current portfolio totals more
than 13,000 apartments that are home to 30,000 residents, with
another 8,000 units in the development pipeline. For more
information, visit www.bridgehousing.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240725930298/en/
Eric R. Brown ebrown@bridgehousing.com | 310.487.8823