S&P Global Ratings Assigns ‘AA-‘ Rating with Stable Outlook to Eden Housing
October 16, 2026
HAYWARD, California – (October 16, 2026) – S&P Global Ratings (S&P), one of the leading rating agencies in the country, has reaffirmed Eden Housing’s creditworthiness by assigning an issuer credit rating of AA- with a stable outlook—one of the highest ratings to be obtained by a nonprofit social housing provider—for the second year in a row.
S&P expressed confidence in Eden’s strong financial performance and liquidity assessment, 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 noted the following:
- Extremely strong liquidity assessment, evidenced by estimated cash inflows that indicate ample levels of funding for operations and debt service
- Very strong debt profile, based on a five-year average
- Strong financial performance based on a five-year average
- 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
- Very strong market dependencies, with low rent relative to market rent for affordable units, coupled with vacancies on par with the local market average.
“We’re proud that S&P confirmed this high rating as further affirmation 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 strengthen our capacity to keep delivering high-quality, stable housing to the communities we serve.”
Notably, the report stated, “We view Eden Housing’s management and governance as extremely strong, as evidenced by the expertise and experience of the leadership team, staff, and board and the thoroughness and consistency of its strategic planning.”
Eden Housing CEO Linda Mandolini said, “This comment and the rating reaffirmation as a whole reflects the hard work our team does every day and their deep dedication to the mission of high quality, affordable housing for everyone in our communities.”