This report does not constitute a rating action. 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 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. The division?s total equity-to-assets ratio declined for the fourth consecutive year, reaching 21.9% in fiscal 2025, despite nominal growth in equity. This represents a 59.0% decrease from
