Standard & Poor’s Affirms Fund’s “AAA” Bond Credit Rating
For More Information, Contact Joe Hatfield 304.340.9998
Once again, Standard & Poor’s Rating Service has affirmed the West Virginia Housing Development Fund’s “AAA” general credit rating. The “AAA” rating is the highest ratingissued by Standard & Poor’s and the Fund is the only state housing finance agency nationally to receive an “AAA” rating.
The rating service lauded the extremely high credit quality of the Fund’s asset base, the Fund’s ability to successfully meet its legislative mandate, the extensive experience of the Fund’s management and its conservative philosophy and the state’s stable economic base.
“We believe WVHDF has a strong and experienced management team that has been successful in meeting its mission of financing affordable housing for residents of the State of West Virginia, as demonstrated by the funding of single- and multifamily programs out of the Fund’s general reserves and earnings,” Standard & Poor’s stated in a report which announced the Fund’s “AAA” rating.
The authors of the report also noted that the Fund has a “strong” relationship with the West Virginia Legislature and that the Fund’s Board of Director’s provides “a great source of stability and depth of knowledge.”
Joe Hatfield, the Fund’s Chief Executive Officer, stated “our “AAA” rating is a great testament to our staff and their hard work. They understand our mission and take it to heart each and every day. The fact that we are the only state housing agency in the country to achieve and maintain an “AAA” rating speaks to their dedication. More importantly, this rating further helps us do what we do best – help state residents make their dream of homeownership a reality.
“We are fortunate enough to serve the backbone of our community – firefighters, police officers, nurses and school teachers,” Hatfield said. “We have faith in this state and its residents, and that faith is reflected in this rating. We are only as good as our clients, but we have the best clients in the nation.”
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