S&P Global Ratings assigned its 'AAA' rating to the Georgia Housing and Finance Authority's (GHFA) series 2016B-1 and B-2 single-family mortgage bonds. At the same time, We affirmed our 'AAA' rating on all debt under GHFA's single-family mortgage bond resolution (the 1976 general resolution). The outlook is stable. The 'AAA' rating reflects our view of: Economic stress cash flow scenarios run under various prepayment speeds, demonstrating sufficient excess assets after our loan loss projections for a 'AAA' rating; The strong credit quality of the collateral securing the bonds--a mortgage pool with a high percentage of low loan-to-value (LTV) ratios and loans guaranteed by the Federal Housing Administration (FHA), Veterans Administration (VA), or Rural Housing Service (RHS), which benefit from the
