Facebook Twitter

MOODY’S GIVES UTAH AGENCY TOP BOND RATING

SHARE MOODY’S GIVES UTAH AGENCY TOP BOND RATING

Moody's Investors Service has given the Utah Housing Finance Agency's Single-Family Bonds a rating of Aaa, Moody's highest rating.

This is the first time any housing finance agency in the nation has received the Aaa rating, which is based solely on the strength of the bonds. Aaa bonds carry the smallest degree of investment risk and are generally referred to as "gilt edge."The rating was awarded after thorough reviews of the agency's financing programs, fiscal management and financing techniques.

"Aaa reflects the strength inherent in our organization and entrepreneurial approaches employed by this agency of state government," said William Erickson, executive director of UHFA.

Utah Housing Finance Agency's Single Family Bonds are purchased by private investors nationwide. The proceeds received from UHFA's bonds provide low-interest mortgages for Utah's lower-income, first-time home buyers. UHFA has enabled more than 31,600 lower-income households in Utahn to buy homes.

The new rating enables UHFA to secure even lower interest rate mortgage funds for future first-time home buyers in Utah. The agency's current mortgage interest rate is a 30-year, fixed rate of 6.94 percent.