BRIDGE Housing Continues to Earn Strong S&P Credit Rating

SAN FRANCISCO--(BUSINESS WIRE)--Citing BRIDGE Housing’s “extremely strong management” that is forging ahead with a mission-supporting strategic plan, S&P Global Ratings has reaffirmed its AA- credit rating for the nonprofit housing developer.

BRIDGE is proud to maintain this credit rating from S&P – a leading provider of independent credit risk research and benchmarks -- following its upgrade to AA- last year. AA- is the highest credit rating assigned to any nonprofit housing developer.

In issuing its rating, S&P expressed confidence in BRIDGE’s management, risk profile, financial performance, and revenue generating opportunities. In summarizing the rating, S&P focused on BRIDGE’s:

• “Extremely strong management and a strategic plan that supports its mission to provide quality low-income housing in the least affordable markets;
• “Very strong enterprise risk profile, supported by our assessment of strong market position, low industry risk and extremely strong management and governance;
• “Very strong financial risk profile supported by very strong financial performance (as measured by an average 40.2% adjusted EBITDA to adjusted revenue), an adequate debt profile, and extremely strong liquidity ratios (6.1x funding to cover uses); and
• “Ability to generate revenue streams from in-house development and operating activities.”

“BRIDGE appreciates S&P’s recognition of the importance of our mission and its confidence in our ability to deliver on that mission,” said BRIDGE Housing President and CEO Ken Lombard. “The housing affordability gap is growing by the day, and we are employing financial tools to deliver solutions at scale so we can open doors to opportunity and uplift residents’ lives.”

BRIDGE was the first nonprofit housing developer to receive an S&P rating. That rating was instrumental in supporting the nonprofit’s work to issue $100 million in General Obligation Bonds to accelerate its affordable housing development pipeline.

From leveraging federal and state resources to cultivating partnerships with leading Wall Street firms, BRIDGE continues to focus on bolstering its financial strength and flexibility and opening new avenues for private market-based capital.

“At BRIDGE, our history of innovation and ability to deliver tangible results have distinguished us as an industry leader,” said Delphine Sherman, BRIDGE’s CFO. “As we look to the future, we continue to pursue new and better ways to finance projects, in collaboration with public and private sector partners, to expand the volume of affordable units we can deliver in our markets along the West Coast.”

The full S&P ratings report is available at this link.

About BRIDGE Housing

BRIDGE Housing is a leading nonprofit developer, owner and manager of high-quality affordable housing on the West Coast, with a mission to strengthen communities and improve lives. Founded in 1983, BRIDGE has participated in the creation of more than 21,000 affordable homes in California, Oregon and Washington, with a total development cost of $5.2 billion. Its current portfolio totals more than 13,000 apartments that are home to 30,000 residents, with another 8,000 units in the development pipeline. For more information, visit www.bridgehousing.com.