America First Multifamily Investors, L.P. Receives ‘BB+’ Rating from Kroll Bond Rating Agency

Rhea-AI Summary

America First Multifamily Investors, L.P. (NASDAQ: ATAX) has received an initial senior unsecured issuer rating of ‘BB+’ with a stable outlook from Kroll Bond Rating Agency (KBRA). KBRA highlighted the Partnership’s moderate leverage and strong characteristics of affordable housing properties backing its investments. CEO Kenneth C. Rogozinski expressed that this rating, being close to investment grade, signals a robust financial position to stakeholders and lenders.

Positive

• Initial senior unsecured issuer rating of ‘BB+’ from KBRA.
• Stable outlook indicates positive future expectations.
• Moderate leverage supports financial stability.

Negative

• None.

OMAHA, Neb., Aug. 02, 2021 (GLOBE NEWSWIRE) -- America First Multifamily Investors, L.P. (NASDAQ: ATAX) (the “Partnership”) announced today that the Kroll Bond Rating Agency (“KBRA”) assigned the Partnership an initial senior unsecured issuer rating of ‘BB+’ with a stable outlook.

KBRA commented on the Partnership’s moderate leverage and the favorable characteristics of affordable housing properties securing the Partnership’s investments.

“We are pleased to announce our new senior unsecured issuer rating from KRBA,” said Kenneth C. Rogozinski, Chief Executive Officer of the Partnership. “We believe this initial rating, which is only one notch below investment grade, is a strong signal to our lenders and stakeholders of the Partnership’s financial position.”

About America First Multifamily Investors, L.P.

America First Multifamily Investors, L.P. was formed on April 2, 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, student housing and commercial properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes.  The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by the Partnership’s Amended and Restated Limited Partnership Agreement, dated September 15, 2015, taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments.  America First Multifamily Investors, L.P. press releases are available at www.ataxfund.com.

Safe Harbor Statement

Certain statements in this report are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995.  These forward-looking statements generally can be identified by use of statements that include, but are not limited to, phrases such as “believe,” “expect,” “future,” “anticipate,” “intend,” “plan,” “foresee,” “may,” “should,” “will,” “estimates,” “potential,” “continue,” or other similar words or phrases.  Similarly, statements that describe objectives, plans, or goals also are forward-looking statements.  Such forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Partnership.  The Partnership cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied, or projected by such forward-looking statements.  Risks and uncertainties include, but are not limited to: risks involving current maturities of financing arrangements and our ability to renew or refinance such maturities, fluctuations in short-term interest rates, collateral valuations, mortgage revenue bond investment valuations and overall economic and credit market conditions; and the other risks detailed in the Partnership’s SEC filings (including but not limited to, the Partnership’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K).  Readers are urged to consider these factors carefully in evaluating the forward-looking statements.

MEDIA CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com

INVESTOR CONTACT:
Andy Grier
Senior Vice President
402-952-1235

 

FAQ

What is the new rating assigned to America First Multifamily Investors, L.P. (ATAX)?

America First Multifamily Investors, L.P. received an initial senior unsecured issuer rating of ‘BB+’ from Kroll Bond Rating Agency.

What does the ‘BB+’ rating mean for ATAX?

The ‘BB+’ rating indicates a stable outlook, which is just one notch below investment grade, suggesting a relatively strong financial position.

Who announced the rating for ATAX?

The rating was announced by Kroll Bond Rating Agency (KBRA).

What is the significance of KBRA’s rating for ATAX's stakeholders?

The rating serves as a strong signal of ATAX’s financial position to its lenders and stakeholders.