S&P Global Ratings Assigns ‘AA-‘ Rating with Stable Outlook to Eden Housing
October 1, 2025
HAYWARD, Calif., October 1, 2025— S&P Global Ratings (S&P), one of the leading rating agencies in the country, has assigned Eden Housing an issuer credit rating of AA- with a stable outlook, one of the highest ratings to be obtained by a nonprofit social housing provider. S&P expressed confidence in Eden’s strong financial performance, prudent risk management and extremely strong management and governance.
The rating by S&P reflects the agency’s expectation that Eden’s organizational and financial risk profiles, based on historical and projected performance, will continue to support the organization’s mission.
In its analysis and AA- rating assignment, S&P focused on the following:
- “Extremely strong management and governance, supported by a detailed strategic planning framework, a consistency of strategy with organizational capabilities, and extremely strong management expertise and experience.”
- “Extremely strong liquidity assessment”, evidenced by a strong liquidity ratio, indicating ample levels of funding for operations and debt service.
- “Very strong market dependencies, with low rent relative to market rent for affordable units, coupled with vacancies on par with the local market average” and extremely strong continued demand for affordable housing in the markets in which Eden Housing operates, supporting the expectation for strong operational performance.
“As the organization continues its 10-year goal of 10,000 additional units, we believe that financial performance and debt levels will likely remain stable due to Eden Housing’s strong risk management and prudent approach to adding developments and associated debt,” read the S&P report.
“We’re proud of the rating assigned by S&P and believe it is reflective of our organization’s unwavering commitment to assuring our financial strength as we expand access to affordable housing throughout California,” said Tatiana Blank, CFO of Eden Housing. “The AA- rating allows Eden access to new sources of funding that enhance our capacity to continue delivering high-quality, stable housing to the communities we serve.”
About Eden Housing
Eden Housing is a nonprofit organization with 55 years of experience providing safe and affordable housing that helps families stay secure, allows communities to thrive, and solves many of the most pressing housing challenges facing California cities. Since its inception, the Bay Area-based organization has developed more than 10,000 affordable homes and is a leader in making its residential communities environmentally sustainable and efficient through integrating energy conservation. Eden is also known as a champion of housing policy advocacy at the local, state, and national level, supporting practices that both create and preserve affordable housing for diverse communities. Learn more at www.edenhousing.org.