S&P Global Ratings' issuer credit rating (ICR) on Nevada Housing Division (NHD) is 'AA'. The outlook is stable. An ICR reflects the obligor's general creditworthiness and its capacity and willingness to meet financial commitments when they come due. The ICR does not apply to any specific financial obligation, nor does it account for the obligation's nature and provisions, bankruptcy standing, or liquidation, statutory preferences, or legality and enforceability. NHD's credit profile is characterized by extremely high credit quality and a low-risk asset base, in our opinion. For the purpose of this review, we have removed all multifamily conduit activity from our financial analysis of previous years due to its conduit nature, and to be consistent with the current and future
