Standard&Poor's Ratings Services assigned its 'AA' rating to Massachusetts Housing Finance Agency's (MassHousing) single-family housing revenue bonds (SFHRBs), series 175, 176, and 177. At the same time, Standard&Poor's affirmed its 'AA' long-term rating and underlying rating (SPUR) on the agency's outstanding bonds issued under its SFHRB resolution. The outlook is stable. The 'AA' ratings reflect our opinion of the following strengths: The very strong asset quality of the single-family loan portfolio; Economic stress scenario cash flows indicating fully funded loss coverage at the 'AA' level and strengthening of the indenture's equity position over time; Sufficiency of reserves to provide liquidity for delinquent mortgage loans; Very strong credit quality of investments under the resolution; and Strong oversight
