...S&P Global Ratings assigned its '##' long-term rating to the Massachusetts Housing Finance Agency's (MassHousing) 2018 series D housing bonds. At the same time, S&P Global Ratings affirmed its various ratings on MassHousing's housing bond resolution. The outlook is stable. The '##' rating reflects our view of MassHousing's: + Solid financial strength in the housing bond resolution, reflecting an asset-to-liability parity of over 115%, very strong loss coverage, very strong portfolio debt service coverage (DSC) of 2.1x, and weighted average loan-to-value (LTV) ratio of approximately 70%; + Very strong strategy and management of the program, evidenced by its experience and proactive approach in the sector; + Extremely strong operating performance of its loans, lack of delinquent loans as of June 30, 2018, and average vacancy rate of approximately 2%; + Extremely strong government support, reflecting ongoing support in the form of low-income housing tax credits, Federal Housing Administration...
