...S&P Global Ratings affirmed its '##-' issuer credit rating (ICR) on the Massachusetts Housing Finance Agency (MassHousing). The outlook is stable. The rating reflects our view of MassHousing's: + Large and low-risk asset base, which consists primarily of multifamily and single-family mortgage loans, and mortgage-backed securities (MBS) guaranteed by Fannie Mae; + Increasing equity position in the past five years and strong profitability ratios when compared with similarly rated housing finance agencies (HFAs); + Continuously improving liquidity and leverage ratios, which are in line with those in its peer group supported by growth in its cash and its investment portfolio as well as equity balance; + High-quality investments, consisting mainly of U.S. Government and government agency (GSE) obligations that provide both solid liquidity as well as lower risk due to regulation, followed by a small amount of guaranteed investment contracts; + Nonperforming assets (NPAs) remaining very low and...
