S&P Global Ratings assigned its 'AA+' long-term rating to Massachusetts Housing Finance Agency's (MassHousing) roughly $185.9 million series 2024B housing bonds. At the same time, S&P Global Ratings affirmed its 'AA+' long-term rating and underlying rating (SPUR), 'AA+/A-1+' rating, and 'AA+/A-1' rating on MassHousing's existing debt within the housing-bond resolution. The outlook is stable. Bonds issued within the housing-bond resolution are special-revenue obligations of MassHousing, secured solely by a pledge of certain revenue and funds established under the resolution, which is MassHousing's main issuing indenture for its multifamily program. A lien on all income from mortgage loans also secures the bonds. The majority of portfolio loans benefits from some form of federal or commonwealth subsidy or insurance and are well-seasoned.
