City First Enterprises (CFE), a Community Development Financial Institution (CDFI), today announced that Fitch Ratings has assigned the organization a BBB+ Issuer Default Rating with a Stable Outlook. The rating makes CFE one of only a small number of CDFIs nationwide to earn an investment-grade credit rating from a credit rating agency registered with and regulated by the SEC.
The rating marks a major milestone for CFE, whose loan portfolio has grown at an average annual rate of roughly 30% since 2020. Fitch cited CFE’s strong capitalization, diversified lending portfolio and disciplined underwriting as key strengths supporting the rating, while noting the organization’s plans to grow recurring earned income and reduce its reliance on grant funding over time.
“This rating is a bridge to the future we are building,” said Oswaldo Acosta, President and CEO of CFE. “In this new era of economic development finance, we need to think bigger, integrate more deeply with the larger financial system, and match the sophistication our capital partners expect — while staying rooted in the communities we serve.”
The rating is expected to expand CFE’s access to institutional investors, diversify its funding sources, and strengthen its ability to scale — enabling the organization to deploy more capital into affordable housing, small businesses, community facilities, clean energy projects and other investments that strengthen historically underserved communities.
“This rating reflects the strength of CFE’s governance, the quality of its management team, and the institutional foundation that Oswaldo Acosta, his Board of Directors, and the entire CFE team have built over many years,” said Jaime Aldama, President and CEO of Momentus Securities. “It’s a testament to their disciplined execution and proof that mission and financial excellence reinforce one another — positioning CFE to access broader pools of institutional capital that can multiply its impact for decades to come.”
Momentus Securities served as CFE’s exclusive financial advisor throughout the rating process, providing strategic advisory and capital markets expertise to prepare the organization for engagement with institutional investors and rating agencies.
Read the full rating announcement on Fitch’s website
About City First Enterprises
City First Enterprises is a certified CDFI specializing in flexible lending for affordable housing, commercial real estate, small businesses, nonprofits, and clean energy projects. With a mission to create financial solutions to support people and communities in achieving their economic aspirations, we envision a future where all individuals and communities thrive through access to capital. Learn more at www.cfenterprises.org.
About Momentus Securities
Momentus Securities, an SEC-registered broker-dealer, MSRB-registered municipal advisor, and FINRA/SIPC member connecting mainstream capital sources with impactful investments. These services include debt and equity capital raising, asset-backed and structured finance as well as corporate advisory services. Momentus Securities seeks to bolster the mission-driven investing space by addressing the current scale and liquidity limitations in the sector that inhibit the deployment of institutional capital. Learn more at www.momentussecurities.com
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