Today, Standard and Poor�s credit rating service affirmed its �AA-� long-term issuer credit rating for Toronto Community Housing Corporation.
The rating reflects the supportive relationship Toronto Community Housing has with the City of Toronto � the sole shareholder in Toronto Community Housing Corporation. It also reflects the continued efforts we as an organization are making to improve the housing stock and operate efficiently and effectively.
In May of 2007, Toronto Community Housing participated in a unique $250 million bond issue to support building great neighbourhoods � a first for a social housing provider in Canada. This type of financing is key to the redevelopment of Regent Park and help to address a capital repairs backlog that continues to grow by approximately $50 million a year.
A strong credit rating is important for Toronto Community Housing to continue to have access to the capital debt market for alternative ways, such as bond issues and syndicated debt, to implement innovative solutions such as our Revitalization mixed housing model � currently coming to life in Regent Park and Don Mount Court.