Moody’s Investor Service has upgraded MassHousing’s issuer credit rating to Aa3 from A2.

"The upgrade to Aa3 reflects the agency’s strong financial performance, strong portfolio performance, the single family and multifamily portfolio compositions which include a substantial and growing percentage of government insured loans, as well as MassHousing’s conservative bond profile and very strong management,” Moody’s said in announcing the upgrade.

Moody’s also noted that MassHousing had a record lending year in fiscal 2013 totaling $1.6 billion, surpassing its previous record of $1 billion in 2012.

"We believe the rating upgrade is a validation of the hard work our financial and asset management teams have done over the last several years," MassHousing Executive Director Thomas Gleason said in a statement. "The upgrade from Moody’s is yet another indicator that we are well-positioned to finance the affordable housing that is so important to our commonwealth’s economic vitality."