Standard&Poor's Ratings Services assigned its 'A+' rating to Massachusetts Housing Finance Agency's (MassHousing) construction loan notes, series 2015 A. The rating reflects the general obligation pledge of MassHousing, for which Standard&Poor's maintains an issuer credit rating (ICR) of 'A+'. At the same time, Standard&Poor's affirmed its 'A+' ICR on MassHousing and its ratings on all of MassHousing's construction loan notes outstanding. The outlook is stable. The 'A+' ICR reflects our opinion of the following: The agency's strong asset base, including single-family loans, multifamily mortgages, and investments; The agency's stable equity levels and solid financial performance over the past several years; The manageable variable-rate debt exposure; A strong management team that has actively addressed its
