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CCRC Receives A+ Credit Rating from S&P Global Ratings


text displaying S&P Global Ratings

GLENDALE, CA, UNITED STATES - May 21, 2024 – S&P Global Ratings’ issuer credit rating (ICR) on California Community Reinvestment Corporation (CCRC) has been renewed as ‘A+’ with projections of a stable financial outlook!

 

Profitability metrics, management, and asset quality have been judged as very strong compared with peers across the five-year period from fiscal year 2019 through 2023. Additionally, liquidity has been rated as strong in the same period due to CCRC’s proficiency in stewarding corporate assets. 

 

CCRC’s consistently strong lending performance represents the dedication that the organization owes to low -income communities throughout California. Through all the challenges of lending in a fluctuating economy, CCRC has found a way to maintain consistent success and set new industry standards of performance. 

 

Californian renters are experiencing extreme rent burden and need a sufficient supply of affordable housing. CCRC continues to seek various financing options as both a certified Community Development Financial Institution (CDFI) and a non-profit banking consortium to meet California’s urgent need to increase the state’s affordable housing supply.  This A+ credit rating provides new avenues for the organization to continue the work.

 

About S&P Global Ratings:  

S&P Global Ratings is an American Credit-Rating Agency that publishes professionally reviewed opinions on organizational credit risks. These opinions include the capacity and willingness of organizations to meet the financial commitments they have undertaken, as well as projections of performance for individual debt issues. For more information, visit https://www.spglobal.com/ratings/en/products-benefits/products/credit-ratings 

 

About California Community Reinvestment Corporation:

CCRC is a reliable and trusted partner and California’s premier multifamily housing lender, tackling the affordable housing crisis throughout the state. CCRC and its lending products are providing term financing for multifamily rental housing in California through a taxable mortgage pool and by committing to purchase tax-exempt bonds directly. With the help of various products and partnerships, CCRC can offer CRA-eligible lending and investment opportunities. This financial support has led to the creation of more than 47,000 low-cost housing units for vulnerable individuals and families across the state of California. For more information, visit https://www.e-ccrc.org/

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