S&P Global Ratings assigned its 'AA' long-term rating to the Massachusetts Housing Finance Agency's (MassHousing) single-family housing revenue bonds (SFHRB), series 185 and 186. At the same time, we affirmed our 'AA' long-term rating and underlying rating (SPUR) on the agency's bonds previously issued under its SFHRB resolution. The outlook is positive. The rating reflects our opinion of the following strengths: The very strong asset quality of the single-family loan portfolio, including half the portfolio consisting of mortgage-backed securities (MBS) guaranteed by Fannie Mae; Strong parity of 114.79%, as demonstrated in economic stress scenario cash flows that reflect fully funded loss coverage at the 'AA' level; Consistent strengthening in the indenture's equity position; Sufficient reserves to provide liquidity for delinquent
