...S&P Global Ratings affirmed its '##-' issuer credit rating on Massachusetts Housing Finance Agency (MassHousing). At the same time, we affirmed our '##-' long-term rating on MassHousing's construction loan notes outstanding. 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 that 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-sponsored enterprise enhanced obligations, which provide both solid liquidity as well as lower risk given regulation,...
