S&P Global Ratings affirmed its 'AA' issuer credit rating (ICR) on Nevada Housing Division (NHD) and its 'AA' long-term rating on the division's series 2008B single-family mortgage subordinate revenue bonds. The outlook is stable. The rating reflects our view of NHD's strengths, including: The very high quality and low-risk profile of its asset base; NHD's profitability and equity ratios, which are similar to those of 'AA' rated peers; Negligible issuer general obligation (GO) debt, at about 0.04% of total debt; A low-risk debt profile consisting of 100% fixed-rate debt for single-family issues and 33% fixed-rate debt for multifamily issues; and A management team committed to maintaining the division's low risk exposure. The rating on the series 2008B bonds is based
