S&P Global Ratings affirmed its 'AA' issuer credit rating (ICR) on Nevada Housing Division (NHD, or the division) and its 'AA' long-term rating on NHD's 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; Low nonperforming assets (NPAs) even though the state has one of the highest foreclosure rates in the country; NHD's profitability and equity ratios, which are similar to those of 'AA' rated peers; Low issuer general obligation (GO) debt, at about 0.06% of total debt; A low-risk debt profile consisting of fixed-rate debt of 60% for multifamily issues and 100% for single-family issues, as well as variable-rate debt that is
