Moody's Investors Service recently revised its assessment of MassHousing's outlook from stable to positive and affirmed the Aa3 issuer rating, citing the Agency's "continued and consistent growth in financial performance and very strong management." This is the first change to MassHousing's Moody's Issuer Credit Rating since an upgrade in 2013.

Moody's rating methodology includes a scorecard that takes several key factors into consideration, including Management and Governance. MassHousing received the highest rating level of Aaa, a testament to our team's longevity, expertise, and financial acumen.

According to Moody's Credit Opinion, "MassHousing's highly tenured management team has a strong track record of advancing the agency's mission of expanding and preserving the stock of affordable housing while maintaining a sound financial profile. The management team also has a very deep bench of talent that will support performance on a go-forward basis."

Since joining the Agency in 2018, MassHousing CEO Chrystal Kornegay has orchestrated increases in state investments in affordable housing, mixed-income housing, climate resilience and homeownership. Under her leadership, MassHousing has grown to serve exponentially more people. More than a quarter of the Agency's lifetime lending occurring during Chrystal's tenure.

Notable accomplishments in the past five years include:

• Generating $6.8 billion in affordable housing finance, benefitting 28,744 low- and moderate-income households. 
• Generating $2.5 billion in affordable housing finance in Gateway Cities, benefiting 11,734 low- and moderate-income households.
• Helping 4,890 households achieve homeownership in the 26 Gateway Cities, while creating and preserving 6,844 rental units in those communities.

MassHousing's executive and finance teams have lengthy tenures at the Agency, and extensive experience in finance and investment banking. Three members of the team also previously worked on MassHousing's external bond counsel team. Our well-rounded and experienced staff has led the Agency through several years of record lending and bond issuance. This level of continuity and longevity within leadership was a contributing factor to MassHousing's outstanding metric scores by Moody's.

Rachel Madden is MassHousing's Chief Financial & Administrative Officer and Paul Scola is the Agency's Senior Director of Capital Markets.