S&P Affirms National CORE's A+ Rating for Fourth Straight Year
Rancho Cucamonga – October 28, 2026 -- Standard & Poor's Global Ratings (S&P) has affirmed nonprofit affordable housing developer National CORE's A+ credit rating for a fourth consecutive year, citing EBITDA that nearly doubled year over year and operating margins above 20%.
S&P points to revenue growth that outpaced expenses
S&P's rating rationale lists six strengths: very strong management and governance, including stable leadership and a three-year strategic plan; revenue growth that materially outpaced expenses; operating margins above 20%; a growing fee-managed portfolio; a geographically diverse portfolio; and extremely strong liquidity.
National CORE became only the second nonprofit affordable housing developer in the U.S. to secure an A+ rating from S&P in 2021. The following year it issued $100 million in social bonds, opening a new source of capital for housing acquisition, development and rehabilitation.