HACM Earns A+ Credit Rating
In its first rating of the Housing Authority of the City of Milwaukee (HACM), Standard & Poor's Ratings Services has assigned its 'A+' issuer credit rating (ICR) on HACM with a stable outlook. The rating was assigned in March, 2015 in conjunction with the 'A+' rating assigned to the issuance of HACM's $19mm Series 2015 multifamily housing revenue bonds.
"We consider HACM's management as strong and its strategic plan to maximize its affordable housing role in Milwaukee as essential to meet the current and future market demand for low-income housing," said Standard & Poor's credit analyst Lawrence Witte in a statement.
Standard & Poor's noted that HACM compares favorably against its U.S. and global peers in key measurements such as diversification of funding and its extremely strong debt profile. The rating also recognized that "HACM's financial policies are well-established...and provide oversight and prudence that we deem consistent with an investment-grade rating."
Mayor Tom Barrett praised the announcement: "The credit rating is confirmation of the great value that the Housing Authority brings to Milwaukee through the vision and responsible fiscal management of HACM secretary-executive director Tony Pérez and his staff."
"We are proud of this rating and the effort it represents on the part of the entire HACM team to streamline operations and ensure fiscal sustainability," said HACM board chairman Mark Wagner.
"This third-party, market-driven evaluation both affirms our strategies for financial management and positions the organization favorably as we continue to redevelop our housing portfolio to meet future affordable housing needs in Milwaukee," said Pérez.
The 2015 multifamily revenue bonds will be used to fund modernization and improvements at several of HACM's private, nonsubsidized affordable properties, including Northlawn, Southlawn and Berryland.
To view the entire Standard & Poor's rating report, click here.
The Housing Authority of the City of Milwaukeee (HACM) provides affordable housing options to more than 10,000 Milwaukee families. In addition, HACM works with families to achieve self-sufficiency through economic, health and social programs.