NEW YORK Aug. 22, 2008--Standard & Poor's Ratings Services assigned its 'A' issuer credit rating (ICR) to San Buenaventura Housing Authority (VHA), Calif.
"The rating reflects strong overall management, as well as a newly implemented strategic plan with clear goals and objectiv
es that support a new business model for the agency which may result in additional income streams that can improve VHA's overall financial strength," said Standard & Poor's credit analyst Valerie White (top right photo)."VHA is, however, challenged by a weakening profitability position, which is reflected in a reduction in net assets and a negative return on equity ratio," she added.
The rating also takes into account strong support from city government and other local stakeholders, strong portfolio quality that blends well within market locations, and strong essentiality for VHA housing evidenced by a waiting list of more than 3,500 applicants for public housing and housing choice vouchers.
(For a more detailed copy of S&P's release, please contact Christopher Mortell, New York (212) 438 3446 christopher_mortell@standardandpoors.com
Analyst Contacts: Valerie White, New York (1) 212-438-2078. Mikiyon Alexander, New York (1) 212-438-2083
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