22 This amount has been raised from nine debenture issuances since June 2014. External ratings started at A3 (Moody’s) in 2014 and have improved over time to Aa3 (Moody’s) and A+ (S&P) for the most recent issuance in February 2022. 23 Canadian Council for Public-Private Partnerships, P3’s: Bridging the First Nations  Infrastructure Gap (2016).
-9-  Chart 3: NACCA has increased it's lending while keeping loan loss rates very low $ millions  %  60  6  50  5  40  4  30  3  20  2  10  1  0  0 2005  2006  2007  2008  2009  2010  2011  2012  NACCA new loan volume (left scale)  2013  2014  2015  2016  2017  2018  2019  2020  2021  Write offs, as percent of total loan portfolio (right scale)  Note: NACCA is the National Aboriginal Capital Corporations Association Source: National Aboriginal Capital Corporations Assocation  Last observation: 2021  By building trust and capacity across communities, the network has more than doubled new annual loan volumes since 2005 while keeping loss rates very low (Chart 3).