S&P Global Ratings' issuer credit rating (ICR) on the Massachusetts Housing Finance Agency (MassHousing) is 'AA-'. The outlook is stable. An ICR reflects the obligor's general creditworthiness, focusing on the organization's capacity and willingness to meet financial commitments when they come due. The series 2018 variable-rate rental housing development bonds issued for Mill Road Apartments were remarketed in 2023 and are general obligations of MassHousing with a standby-bond purchase agreement from Royal Bank of Canada. The long-term component of the 'AA-/A-1+' rating on the series 2018 bonds reflects MassHousing's credit characteristics while the short-term component reflects the liquidity facility. MassHousing maintains a low-risk asset base, conservative debt profile with minimal variable-rate exposure, stable equity ratios, and sufficient liquidity to meet
