Feb 14Top Marks from S&P Global
S&P Global Ratings, one of the leading providers of credit ratings in the country, has assigned its ‘AA-‘ rating to Mercy Housing.
Mercy Housing received this rating with a stable outlook, which is the highest rating to be obtained by nonprofit social housing providers. Substantial due diligence was required to obtain the rating. An issuer credit rating is an independent opinion of Mercy Housing’s overall creditworthiness and financial strength, and the rating was issued on January 18, 2023.
The rating reflects S&P Global’s opinion of Mercy Housing:
- Extremely strong management, with an experienced and dedicated board, senior and executive staff, and a detailed multi-year strategic plan with measurable goals that support its mission and reflect its values;
- Very strong enterprise risk profile, supported by the assessment of extremely strong market dependencies and low industry risk;
- Strong financial risk profile characterized by adequate financial performance assessment based on average EBITDA to adjusted revenues ratio of 26.6%, strong debt profile based on a total debt to EBITDA ratio of 20.9 times, and our extremely strong liquidity assessment due to an estimate of 3.4 times liquidity sources over uses during the next 12 months;
Focus on low-income social housing initiatives coupled with proven community partnerships and ability to fulfill strategic priorities will, in S&P Global’s view, support fiscal and operational performance in line with the rating level through economic cycles.
“We are excited that S&P Global confirmed Mercy Housing’s financial capacity and strong commitment to our mission of providing affordable program-enriched housing for families, seniors, and people with special needs,” said Mercy Housing CFO Angela Bruno. “This AA- rating allows the organization to access additional and alternative sources of funding to continue to fulfill our mission and increase our impact for years to come.”
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