...S&P Global Ratings affirmed its '##' issuer credit rating (ICR) on Nevada Housing Division (NHD) and its '##' 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; + Profitability and equity ratios, which are similar to those of '##'-rated peers; + A low-risk debt profile consisting of 100% fixed-rate debt for single-family issues and 46% 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 on the ICR and also reflects our opinion of: + The very strong credit quality of the underlying assets, consisting of Ginnie Mae mortgage-backed securities (MBS); + Very strong resolution cash flows, showing opening parity of 118.4% on the 2008B bonds, and opening and minimum asset-to-liability parity...
