S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to 'AA+' from 'AA' on Massachusetts Housing Finance Agency's (MassHousing, or the agency) single-family housing revenue bonds (SFHRB) outstanding. At the same time, S&P Global Ratings assigned its 'AA+' long-term rating to MassHousing's SFHRB series 187 (non-AMT [alternative minimum tax]), 188 (AMT), and 189 (non-AMT) bonds. The outlook is stable. The rating action reflects our opinion of the following strengths: Consistent strengthening in the indenture's performance and equity position over the past two years; The very strong asset quality of the single-family loan portfolio, with 59% of the portfolio consisting of mortgage-backed securities (MBS) guaranteed by Fannie Mae; Strong parity of 116.41%, as demonstrated in economic stress scenario cash
