Market Overview

CalHFA Gets an A+ From S&P Global Ratings

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Agency's financial strength is confirmed with yet another credit
rating increase

Continuing the California Housing Financing Agency's impressive
five-year turnaround in the area of financial stability, Standard and
Poor's has once again raised CalHFA's issuer credit rating, this time
from ‘A' to ‘A+' with a positive outlook.

"The rating action reflects our opinion of such factors as CalHFA's five
consecutive years of net operating profits after years of losses, five
consecutive years of strengthened equity and profitability ratios, and
improved asset quality and liquidity ratios," said S&P Global Ratings
credit analyst Aulii Limtiaco.

S&P added that its positive outlook indicates the ratings agency's
expectation of further improvement in CalHFA's profitability and equity
levels and an upward trend in its financial ratios in Fiscal Year
2018-19.

"We are very pleased that S&P is recognizing our continued financial
progress," said Tia Boatman Patterson, CalHFA's Executive Director.
"Over the past half-decade, CalHFA has substantially increased its
financial strength, a fact that has been acknowledged by the major
credit rating agencies more than 10 times in the past five years. What's
even more exciting is that each of these ratings upgrades has given
CalHFA the lending power and flexibility to help even more Californians
find a safe, affordable place to call home."

The California Housing Finance Agency was created in 1975 with the
goal of helping more Californians find a place to call home. CalHFA is a
self-supported state agency that doesn't rely on taxpayer dollars. For
more information on CalHFA programs, and how we are creating progressive
financing solutions for affordable housing in California, visit
www.calhfa.ca.gov
or call toll free at 877.9.CalHFA (877.922.5432).

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