Improved rating positions the state to lower borrowing costs and expand housing investments 

SALEM, Ore. — Moody's Ratings – one of the world’s leading independent credit rating agencies – upgraded Oregon Housing and Community Services (OHCS’) issuer rating from A2 to A1. This upgrade places the agency among a strong tier of investment-grade housing finance agencies in the country and positions it to borrow money at a lower cost. That savings can then be reinvested into affordable housing programs – meaning more Oregonians served without spending more public money. 

“Delivering housing solutions that make life better and more affordable requires delivering public excellence in agency operations,” said OHCS Executive Director Andrea Bell. “Receiving Moody’s strong A1 issuer rating reflects commitment to OHCS’ mission and accountability to the people of Oregon and the Legislature.” 

The upgrade is a national recognition of OHCS’ strong financial management and reflects the agency’s ability to continue partnering with communities to finance affordable housing, support first-time homebuyers, and invest in housing stability efforts. 

“When you pair prudent financial management with thoughtful program design, we can make taxpayer dollars go further,” Governor Tina Kotek said. “This even stronger credit rating will help us build more housing in all parts of the state.” 

According to Moody’s, the improved rating is driven by the OHCS' solid balance sheet strength and financial performance, which is expected to continue, speaking to the agency’s capacity to serve Oregonians over the long term. 

“Oregon Housing and Community Services is to be commended for this vote of increased confidence based on the agency’s stellar management and strong results, which will bolster its ability to continue to serve the people of Oregon efficiently and effectively,” said Stockton Williams, executive director of the National Council of State Housing Agencies. 

Credit quality is supported by OHCS’ strong loan portfolio, which consists primarily of loans held in the agency’s Single-Family Mortgage Revenue Bonds Program. Creditworthiness is further supported by OHCS’ conservative risk position, good risk governance, and a proactive management team. 

The higher rating reflects outside confidence in OHCS’ ability to manage public resources responsibly and could also potentially reduce the agency’s cost of financing short-term bond obligations.  

About Oregon Housing and Community Services (OHCS) 

OHCS is Oregon's housing finance agency. The state agency provides financial and program support to create and preserve opportunities for quality, affordable housing for Oregonians of low and moderate income. OHCS administers programs that provide housing stabilization. OHCS delivers these programs primarily through grants, contracts, and loan agreements with local partners and community-based providers. For more information, please visit: oregon.gov/ohcs.