Citing strong management and improving financial performance, ratings agency Standard & Poor’s recently upgraded the issuer credit rating (ICR) of MassHousing to "A+," from "A," with a stable outlook.

S&P also took note of the MassHousing’s "management of variable rate debt exposure; the improved performance of MassHousing’s loan portfolios and sufficient state support to allow MassHousing the autonomy and independence to effectively meet its legislative mandate," the agency said in a statement.

"Given the daily barrage of bad news stories from Wall Street as well as the struggling housing market, it’s remarkable that our state’s housing finance agency has not only weathered the storm, but has thrived," said Lt. Gov. Timothy Murray in reaction to the ratings upgrade. "The management team at MassHousing has done a great job keeping their financial house in order, and as a result both MassHousing and the Patrick-Murray Administration are well positioned to continue the mission of providing financing for affordable housing."