S&P Global Ratings' U.S. Public Finance Housing rating actions (including outlook revisions) for fourth-quarter 2024 consisted of 11 positive rating actions, seven negative rating actions, and 58 affirmations.
Fourth-Quarter Rating Actions
We took positive rating actions on one community development finance institution (CDFI) and 10 rental housing bond (RHB) credits, which consisted of seven upgrades and four outlook changes (see table 1). The positive rating actions for the 10 RHB credits were within the military housing, static pool, mobile home, and age-restricted subsectors. The military housing credits saw three upgrades and one outlook revision from stable to positive due to improved financial and operating performance, driven primarily by higher Basic Allowance for Housing (BAH) allocations. Three static pool transactions were upgraded due to an improvement in their coverage and liquidity assessment, driven by improved loan performance. One mobile home development was upgraded, and we revised the outlook on another from stable to positive due to improving financials, resulting in a trend of rising debt service coverage (DSC). We revised the outlook on one age-restricted development from stable to positive, primarily due to a trend of improving DSC given higher occupancy rates and oversight on the properties. Lastly, we revised the outlook of one CDFI from stable to positive based on the likelihood that capital adequacy will remain above-average compared with peers over the next two years.
We took negative rating actions on one federally enhanced housing (FEH) credit, two social housing providers (SHPs), and four RHB credits, which consisted of three downgrades, four outlook revisions, and placement of one credit on CreditWatch with negative implications (see table 2). The negative rating actions for four RHB projects were within the section 8, age-restricted, and military subsectors. One age-restricted development was placed on CreditWatch with negative implications due to the strong likelihood that the project will default on its next debt service payment. One military housing credit and one section 8 credit were downgraded due to a deterioration in DSC in recent years as a result of operating expenses outpacing the slow growth in revenue. We revised the outlook on another section 8 project due to an expected decline in DSC due to rising expenses. One rating on an SHP was downgraded due to its inability to meet the Department of Housing and Urban Development's standards related to the authority's board oversight, financial reporting, and building maintenance at some of its properties. We revised the outlook on another SHP to negative from stable because of weaker financial and liquidity ratios stemming from increases in operating expenses without a clearly defined strategic direction. Lastly, we revised the outlook on one FEH credit from stable to negative because projected assets are expected to be insufficient to cover the final bond maturity.
During fourth-quarter 2024, affirmations constituted 58 out of 95 total rating actions, or about 61%, less than in third-quarter 2024 (67%; see table 3). As of December 2024, about 94% of ratings carry stable outlooks, more than in the previous quarter (90%). During the fourth quarter, we rated 33 new sales, which was 13% fewer than the 38 new sales we rated during the third quarter. (For more information on our specific housing subsectors, see recent commentaries in Related Research.)
We also rated 19 new issuers in fourth-quarter 2024 (see table 4):
- Seven under our "U.S. Federally Enhanced Housing Bonds Rating Methodology" criteria, published Nov. 12, 2019;
- Four under our "Methodology For Rating U.S. Public Finance Rental Housing Bonds" criteria, published April 15, 2020;
- Four under our "Methodology For Rating Public And Nonprofit Social Housing Providers" criteria, published June 1, 2021; and
- Four under our "Methodology And Assumptions: Assigning Ratings To Bonds In The U.S. Based On Escrowed Collateral" criteria, published Nov. 30, 2012.
Table 1
Positive rating actions, fourth-quarter 2024 | |||||||
---|---|---|---|---|---|---|---|
Issue | State | Sector/criteria | Prior rating | Current rating | Prior outlook | Current outlook | Reason for rating action |
Fort Hamilton Housing, LLC NY Military Housing Fort Hamilton 2nd Lien | NY | RHB - Military | BBB+ | A | Stable | Stable | Improved financials, which have resulted in a trend of rising DSC |
Fort Hamilton Housing, LLC NY Military Housing Fort Hamilton | NY | RHB - Military | A | A+ | Stable | Stable | Improved financials, which have resulted in a trend of rising DSC |
Fort Huachuca-YPG Arizona comntys LLC, AZ Military Housing | AZ | RHB - Military | A- | A+ | Stable | Stable | Increases in the BAH rates leading to improved DSC |
Millennium Housing LLC, CA Mobile Home Park Vista de Santa Barbara Series 2021 | CA | RHB- Mobile Home | A- | A | Stable | Stable | Improved financials, which have resulted in a trend of rising DSC |
California Housing Finance Agency CA Affordable Housing Securitization Pool Series 2023-1 | CA | RHB - Multifamily Static Pool | BBB | BBB+ | Stable | Stable | Improved coverage and a liquidity assessment driven by improved loan performance in 2023 |
California Housing Finance Agency CA, Series 2023-1 Series X Interest Only | CA | RHB - Multifamily Static Pool | BBB | BBB+ | Stable | Stable | Improved coverage and a liquidity assessment driven by improved loan performance in 2023 |
Washington State Housing Finance Commission, WA Affordable Housing Securitization Pool Series 2023-1 | WA | RHB - Multifamily Static Pool | BBB | BBB+ | Stable | Stable | Improved coverage and a liquidity assessment driven by improved loan performance in 2023 |
Housing Trust Silicon Valley CA HOUSING GO HFA GO ICR | CA | CDFI ICR | AA- | AA- | Stable | Positive | Likelihood that capital adequacy will remain above-average compared with peers during the outlook period |
Covenant Communities, Inc, WI Affordable Housing Covenant Communties Inc Proj | WI | RHB - Age Restricted | BBB | BBB | Stable | Positive | A trend of improving DSC given higher occupancy rates and oversight on properties |
Mid-Atlantic Fam Comntys LLC, VA Military Housing 3rd Lien | VA | RHB - Military | A- | A- | Stable | Positive | Increase in BAH rates could lead to another year of increased revenues and DSC |
Millennium Hsg of California, CA Affordable Housing Westlake & Millbrook Mobile Home Park | CA | RHB - Mobile Home | A | A | Stable | Positive | Strong DSC in 2023, improved assessment of management and governance and positive trends in the project’s property specific characteristics |
Table 2
Negative rating actions, fourth-quarter 2024 | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Issue | State | Sector/criteria | Prior rating | Current rating | Prior outlook | Current outlook | CreditWatch | Reason for rating action | ||||||||||
South Texas Military Housing LP, TX Military Housing South Texas Navy Family Housing | TX | RHB - Military | BBB- | B+ | N.M.** | Stable | A deterioration in coverage in recent years due to expenses outpacing revenues | |||||||||||
Assisted Living Foundation of America, CA Section 8 Affordable Housing Central Alabama Portfolio Proj | CA | RHB - Section 8 | BBB | BBB- | Negative | Negative | A deterioration in coverage in recent years due to expenses outpacing revenues | |||||||||||
Milwaukee Hsg Auth, WI General Obligation ICR | WI | SHP ICR | A+ | A- | Stable | Negative | Inability to meet HUD's standards related to the authority's board oversight, financial reporting and adequate property management | |||||||||||
Great Lakes Senior Communities IL Affordable Housing Great Lakes Senior Living Communities First Tier | IL | RHB - Age Restricted | CC | CC | Negative | N.M. | Negative | Strong likelihood the project will default on its next debt service payment | ||||||||||
Illinois Hsg Dev Auth, IL Multi-Family FNMA MBS Crestview Village Apts | IL | FEH - Multifamily Stand-Alone | BB | BB | Stable | Negative | Projected assets will be insufficient to cover the final bond maturity | |||||||||||
FFAH Carver Gardens, LLC, FL Section 8 Affordable Housing | FL | RHB - Section 8 | B+ | B+ | Stable | Negative | Expected decline in DSC due to rising expenses | |||||||||||
Stark Metropolitan Housing Authority OH General Obligation ICR | OH | SHP ICR | A | A | Stable | Negative | Weaker financial and liquidity ratios due to increases in operating expenses | |||||||||||
**Credit was previously placed on CreditWatch with negative implications. When a credit is placed on CreditWatch, the outlook is Not Meaningful (N.M.). |
Table 3
Affirmations and new sales, fourth-quarter 2024 | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Issue | State | Sector/criteria | Rating | Outlook | Type of review | |||||||
Winter Garden Hsg Fin Corp, TX Single Family Multi-Agency MBS 1994 Indenture | TX | FEH - Single Family Stand Alone | CC | Negative | Full review | |||||||
BlueHub Loan Fund, MA General Obligation ICR | MA | CDFI ICR | A+ | Stable | New sale | |||||||
Clearinghouse CDFI, CA General Obligation ICR | CA | CDFI ICR | A- | Stable | New sale | |||||||
Colorado Hsg & Fin Auth, CO Multi-Family Whole Loans - Multifamily Master Indenture | CO | MRBP | AAA | Stable | New sale | |||||||
Colorado Hsg & Fin Auth, CO Multi-Family Whole Loans - Multifamily Master Indenture | CO | MRBP | AAA | Stable | New sale | |||||||
Colorado Hsg & Fin Auth, CO Multi-Family Whole Loans - Multifamily Master Indenture 2nd Lien | CO | MRBP | AA+ | Stable | New sale | |||||||
Colorado Hsg & Fin Auth, CO Multi-Family Whole Loans - Multifamily Master Indenture 2nd Lien | CO | MRBP | AA+ | Stable | New sale | |||||||
Colorado Hsg & Fin Auth, CO Multi-Family Whole Loans - Multifamily Master Indenture | CO | MRBP | AAA | Stable | New sale | |||||||
Colorado Hsg & Fin Auth, CO Multi-Family Whole Loans - Multifamily Master Indenture 2nd Lien | CO | MRBP | AA+ | Stable | New sale | |||||||
Connecticut Hsg Fin Auth, CT General Bond Resolution | CT | MRBP | AAA | Stable | New sale | |||||||
Iowa Fin Auth, IA MBS 1991 SFMBS Resolution | IA | MRBP | AAA | Stable | New sale | |||||||
Maine St Hsg Auth, ME Mortgage Purchase Program Resolution | ME | MRBP | AA+ | Stable | New sale | |||||||
Maine St Hsg Auth, ME Mortgage Purchase Program Resolution | ME | MRBP | AA+ | Stable | New sale | |||||||
Massachusetts Hsg Fin Agy, MA Housing Bonds | MA | MRBP | AA+ | Stable | New sale | |||||||
Massachusetts Hsg Fin Agy, MA Single-Family Mortgage Bonds | MA | MRBP | AA+ | Stable | New sale | |||||||
Minnesota Housing Finance Agency, MN Single Family | MN | MRBP | AA+ | Stable | New sale | |||||||
Minnesota Hsg Fin Agy, MN Rental Housing Bond Resolution | MN | MRBP | AAA | Stable | New sale | |||||||
Nebraska Invest Fin Auth, NE SFHRB Resolution | NE | MRBP | AAA | Stable | New sale | |||||||
New Jersey Hsg & Mtg Fin Agy, NJ Multi-Family Whole Loans - 2004 Resolution | NJ | MRBP | AA- | Stable | New sale | |||||||
New York City Hsg Dev Corp, NY Multi-Family Whole Loans - Multifamily General Resolution | NY | MRBP | AA+ | Stable | New sale | |||||||
New York City Hsg Dev Corp, NY Multi-Family Whole Loans - Multifamily General Resolution | NY | MRBP | AA+ | Stable | New sale | |||||||
Pennsylvania Hsg Fin Agy, PA Single Family Mortgage Revenue Bonds w GO | PA | MRBP | AA+ | Stable | New sale | |||||||
Tennessee Hsg Dev Agy, TN Single Family Whole Loan - 2013 General Residential Finance Program | TN | MRBP | AA+ | Stable | New sale | |||||||
Texas Department of Housing & Community Affairs Single Family Mortgage Rev Bnd Indenture | TX | MRBP | AA+ | Stable | New sale | |||||||
Virginia Housing Development Authority VA Rental Housing Bonds w GO | VA | MRBP | AA+ | Stable | New sale | |||||||
Virginia Hsg Dev Auth, VA Commonwealth Mortgage Bonds w GO | VA | MRBP | AAA | Stable | New sale | |||||||
Virginia Housing Development Authority VA Rental Housing Bonds w GO | VA | MRBP | AA+ | Stable | New sale | |||||||
Wisconsin Hsg & Econ Dev Auth, WI 1974 HRB Indenture | WI | MRBP | AA+ | Stable | New sale | |||||||
Wisconsin Hsg & Econ Dev Auth, WI Home Ownership Revenue Bonds (1988 Resolution) w GO | WI | MRBP | AA+ | Stable | New sale | |||||||
Covenant Communities, Inc, WI Affordable Housing Covenant Communities Inc Proj 2nd Lien | WI | RHB-Age Restricted | BB+ | Stable | Full review | |||||||
Fort Carson Fam Hsg LLC, CO Military Housing | CO | RHB - Military | AA | Stable | Full review | |||||||
Mid-Atlantic Fam Comntys LLC, VA Military Housing | VA | RHB - Military | AA- | Stable | Full review | |||||||
Impact Funding LLC, CA Affordable Housing 2014-1 Pass Through Indenture | CA | RHB - Multifamily Static Pool | AA+ | Stable | Full review | |||||||
Impact Funding LLC, CA Affordable Housing 2014-1 Pass Through Indenture 2nd Lien | CA | RHB - Multifamily Static Pool | AA- | Stable | Full review | |||||||
Impact Funding LLC, CA Affordable Housing 2014-1 Pass Through Indenture 3rd Lien | CA | RHB - Multifamily Static Pool | A+ | Stable | Full review | |||||||
Impact Funding LLC, CA Affordable Housing 2014-1 Pass Through Indenture 4th Lien | CA | RHB - Multifamily Static Pool | BBB+ | Stable | Full review | |||||||
Impact Funding LLC, CA Affordable Housing 2014-1 Pass Through Indenture 5th Lien | CA | RHB - Multifamily Static Pool | BBB | Stable | Full review | |||||||
Impact Funding LLC, CA Affordable Housing 2014-1 Pass Through Indenture 6th Lien | CA | RHB - Multifamily Static Pool | BB+ | Stable | Full review | |||||||
Impact Funding LLC CA Pool 1st Lien Interest Only 2014 Pass Through Indenture | CA | RHB - Multifamily Static Pool | AA+ | Stable | Full review | |||||||
Impact Funding LLC CA 2014 RHB | CA | RHB - Multifamily Static Pool | AA+ | Stable | Full review | |||||||
Impact Funding LLC CA 2014 Pass Through | CA | RHB - Multifamily Static Pool | AA+ | Stable | Full review | |||||||
American Agape Foundn, Inc., TX Section 8 Affordable Housing 2nd Lien | TX | RHB - Section 8 | CCC+ | Negative | Full review | |||||||
American Agape Foundn, Inc., TX Section 8 Affordable Housing | TX | RHB - Section 8 | CCC+ | Negative | Full review | |||||||
FFAH East Winds LLC, FL and FFAH Citrus Grove LLC, FL Section 8 Affordable Housing | FL | RHB - Section 8 | BB | Stable | Full review | |||||||
Washington Place Partners LLLP, CA Section 8 Affordable Housing Washington Place Apts | CA | RHB - Section 8 | BB+ | Stable | Full review | |||||||
Atlantic Hsg Fndn Inc., TX Affordable Housing 2nd Lien | TX | RHB - Unenhanced | B+ | Stable | Full review | |||||||
Bridge Hsg, CA General Obligation | CA | SHP ICR | AA- | Stable | New sale | |||||||
Mid-Peninsula Hsg Coalition, CA General Obligation ICR | CA | SHP ICR | AA- | Stable | Full review | |||||||
Wisconsin Hsg Pres Corp, WI General Obligation ICR | WI | SHP ICR | AA- | Stable | New sale | |||||||
Columbus Metropolitan Housing Authority, OH ICR | OH | SHP ICR | A+ | Stable | New sale | |||||||
DeKalb Cnty Hsg Auth, GA General Obligation ICR | GA | SHP ICR | A+ | Stable | New sale | |||||||
Housing Authority of the City of El Paso, TX General Obligation ICR | TX | SHP ICR | A+ | Stable | New sale | |||||||
Housing Catalyst, CO General Obligation ICR | CO | SHP ICR | AA- | Stable | Full review | |||||||
King Cnty Hsg Auth, WA General Obligation ICR | WA | SHP ICR | AA | Stable | Full review | |||||||
Franklin Health & Ed Facilities Board, TN, APP Harpeth Partners, L.L.L.P., Harpeth Hills Apartments* | TN | Escrow Collateral | AA+ | Stable | Full review | |||||||
Homerville Hsg Authority, GA, DHM Homerville L.P.'s Brookwood Apartments* | GA | Escrow Collateral | AA+ | Stable | Full review | |||||||
Kansas Development Finance Authority, KS, Riverstone Sycamore Village Apartments* | KS | Escrow Collateral | AA+ | Stable | Full review | |||||||
Kentucky Housing Corp., KY, Winterwood Inc.'s Winterwood Rural Housing Portfolio* | kY | Escrow Collateral | AA+ | Stable | Full review | |||||||
*These represent collateralized transactions typically without escrows that we rate under the escrowed collateral criteria. |
Table 4
New issuers, fourth-quarter 2024 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Issue | State | Sector/criteria | Rating | Outlook | ||||||
Freddie Mac, VA Multifamily Mortgage Participation Certificates, Series WE5063 | Virginia | FEH - Freddie Mac Multifamily Pool | AA+ | Stable | ||||||
Freddie Mac, VA Multifamily FHLMC Series ML-25 | VA | FEH - Freddie Mac Multifamily Pool | AA+ | Stable | ||||||
Freddie Mac, VA Multifamily FHLMC Series ML-26 | VA | FEH - Freddie Mac Multifamily Pool | AA+ | Stable | ||||||
Freddie Mac, VA Multifamily Mortgage Participation Certificates, Series WE6123 | VA | FEH - Freddie Mac Multifamily Pool | AA+ | Stable | ||||||
Freddie Mac, VA Multifamily Mortgage Participation Certificates, Series WE6124 | VA | FEH - Freddie Mac Multifamily Pool | AA+ | Stable | ||||||
Freddie Mac, VA Multifamily FHLMC Series ML-27 | VA | FEH - Freddie Mac Multifamily Pool | AA+ | Stable | ||||||
Public Finance Authority, WI Class A Certificates 2024 A-1 | WI | FEH - Multifamily Pass Through | AA+ | Stable | ||||||
Citi Community Capital, CA Series 2024-4 CA Pool Class A | CA | RHB - Multifamily Static Pool | AA- | Stable | ||||||
Citi Community Capital, CA Series 2024-4 US Pool Class B | CA | RHB - Multifamily Static Pool | BBB | Stable | ||||||
Citi Community Capital, CA Series 2024-4 CA Pool Class B | CA | RHB - Multifamily Static Pool | BBB | Stable | ||||||
Citi Community Capital, CA Series 2024-4 US Pool Class A | CA | RHB - Multifamily Static Pool | AA- | Stable | ||||||
Franklin Health & Ed Facilities Board, TN, APP Harpeth Partners, L.L.L.P., Harpeth Hills Apartments* | TN | Escrow Collateral | AA+ | Stable | ||||||
Homerville Hsg Authority, GA, DHM Homerville L.P.'s Brookwood Apartments* | GA | Escrow Collateral | AA+ | Stable | ||||||
The Health, Edu and Hsg Facility Board of the City of Memphis, TN, Pershing Park Apts Project* | TN | Escrow Collateral | AA+ | Stable | ||||||
Kentucky Housing Corp., KY, Winterwood Inc.'s Winterwood Rural Housing Portfolio* | KY | Escrow Collateral | AA+ | Stable | ||||||
San Bernardino County Housing Authority, CA General Obligation ICR | CA | SHP ICR | A+ | Stable | ||||||
Salt Lake City Housing Authority, UT General Obligation ICR | UT | SHP ICR | A+ | Stable | ||||||
City of Charleston Housing Authority SC, General Obligation ICR | SC | SHP ICR | A+ | Stable | ||||||
Maiker Housing Partners, CO General Obligation ICR | CO | SHP ICR | A+ | Stable | ||||||
*These represent collateralized transactions, typically without escrows, that we rate under the escrowed collateral criteria. |
Analyses associated with positive rating actions
- Mid-Atlantic Military Family Communities LLC, Virginia; Military Housing, Jan. 3, 2025
- Housing Trust Silicon Valley, California; General Obligation, Dec. 17, 2024
- Millennium Housing of California, Independent Cities Finance Authority; Westlake & Millbrook Mobile Home Parks, Nov. 18, 2024
- Millennium Housing LLC, California, Independent Cities Finance Authority; Affordable Housing, Nov. 18, 2024
- Fort Huachuca-YPG Arizona Communities LLC; Military Housing, Nov. 7, 2024
- California Housing Finance Agency; Multifamily Whole Loan, Oct. 31, 2024
- Washington State Housing Finance Commission; Multifamily Whole Loan, Oct. 31, 2024
- Covenant Communities Inc., Wisconsin, Wisconsin Health & Education Facilities Authority; Affordable Housing, Oct. 31, 2024
- New York City Housing Development Corp., Fort Hamilton Housing LLC; Military Housing, Oct. 30, 2024
Analyses associated with negative rating actions
- Public Finance Authority, Wisconsin, Assisted Living Foundation of America, California; Section 8, Dec. 23, 2024
- Milwaukee Housing Authority, Wisconsin; General Obligation, Dec. 23, 2024
- Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC, Illinois; Affordable Housing, Dec. 23, 2024
- South Texas Military Housing L.P.; Military Housing, Oct. 21, 2024
- Illinois Housing Development Authority; FNMA Collateral Agreement, Oct. 18, 2024
- Stark Metropolitan Housing Authority, Ohio; General Obligation, Oct. 11, 2024
- Public Finance Authority, Wisconsin, FFAH Carver Gardens LLC, Florida; Section 8, Oct. 9, 2024
Related Research
- U.S. Public Finance Housing 2025 Outlook: The Stable Era Endures, Underpinned By Strong Management, Jan. 16, 2025
- U.S. Housing Finance Agencies 2023 Medians: Fiscal Stability Reigns For Now With Some Uncertainty On The Horizon, Dec. 17, 2024
- U.S. CDFIs Take On More Debt To Grow Their Lending Capacity: Ratings Will Likely Remain Stable, Nov. 19, 2024
- U.S. Social Housing Providers: Laying The Groundwork To Address Affordable Housing Needs, Nov. 14, 2024
- U.S. Mortgage Revenue Bond Program Medians: Solid Foundations Underpin Strong Credit Quality, Sept. 19, 2024
- The U.S. Rental Housing Sector Remains Largely Stable While Expense Pressures Loom, July 9, 2024
- Cyber Risk Insights: Hackers Are Knocking On The Door Of U.S. Affordable Housing Issuers, May 14, 2024
- U.S. Public Housing Authorities Capital Fund Ratings Remain Resilient Amid Higher Appropriations And No Planned Borrowing, March 14, 2024
- Military Rental Housing 2024 Outlook: Bond Sector Stable Amid Slow Recruitment and Higher Expenses, March 7, 2024
This report does not constitute a rating action.
Primary Credit Analyst: | Shirley Flores, New York (646) 831-2467; Shirley.Flores@spglobal.com |
Secondary Contacts: | Caroline E West, Chicago + 1 (312) 233 7047; caroline.west@spglobal.com |
Olivia Fellbaum, New York + 1 (212) 438 7428; olivia.fellbaum@spglobal.com | |
Tribhuvan Chauhan, Pune; tribhuvan.chauhan@spglobal.com |
No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.
Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment, and experience of the user, its management, employees, advisors, and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.
To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.
S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process.
S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.spglobal.com/ratings (free of charge), and www.ratingsdirect.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.spglobal.com/usratingsfees.