Standard&Poor's Ratings Services affirmed its 'AA' issuer credit rating (ICR) on Nevada Housing Division (NHD, or the division) and its 'AA' long-term rating on NHD's general obligation (GO) debt outstanding. The outlook is stable. The ratings reflect our view of NHD's strengths, including: The very high quality and low-risk profile of its asset base; Strong equity and liquidity ratios, which are similar to those of 'AA' rated peers; Low percentage of GO debt to total debt, at about 0.08%; A low-risk debt profile consisting of fixed-rate debt for 55% of multifamily issues and 100% of single-family issues, as well as variable-rate debt that is guaranteed by 'AA+' eligible government-sponsored entities (GSEs) and other rated letters of credit (LOCs);
