Standard and Poor’s affirms “AA-” credit rating for Toronto Community Housing

Standard and Poor’s affirms “AA-” credit rating for Toronto Community Housing

January 07, 2016

Summary:

Standard and Poor's Rating Services has affirmed its "AA-" long-term issuer credit rating for Toronto Community Housing.

January 7, 2016
Toronto - Standard and Poor's Rating Services has affirmed its "AA-" long-term issuer credit rating for Toronto Community Housing. At the same time, it affirmed its "AA-" senior secured debt rating on Toronto Community Housing's wholly owned subsidiary, TCHC Issuer Trust.

In its rationale for issuing a "very strong" financial risk profile, Standard and Poor's stated that its assessment of Toronto Community Housing's "strategy and management has improved, following a period of stability, with positive changes to governance and management in the past three years." Standard and Poor's also assessed Toronto Community Housing as having "a good track record of producing robust and stable financial results."

The "AA-" rating also reflects Standard and Poor's assessment of Toronto Community Housing's "solid asset quality and operational performance," as well as "sound strategy and management, low industry risk, very strong economic fundamentals of the market in which the company operates, and a solid market position."

Standard and Poor's expects that, over the next two years, Toronto Community Housing's debt levels "will remain low, financial performance and policies will remain adequate, cash and investment balances will remain very strong," and that "its relationship with the City of Toronto will continue to be supportive."

About Toronto Community Housing

Toronto Community Housing​ ​is Canada's largest social housing landlord, providing homes for nearly 60,000 households with low and moderate incomes. A non-profit corporation wholly owned by the City of Toronto, the company's 2,100 buildings represent a $9 billion public asset.

Media contact:
Lisa Murray, Manager, Media and Public Relations
T: 416-981-4252 C: 416-737-1352
media@torontohousing.ca