Nevada Housing Division Series 2025A, 2025B Single-Family Mortgage Revenue Bonds Rated 'AA+'; Outlook Stable

ENGLEWOOD (S&P Global Ratings) Feb. 26, 2025--S&P Global Ratings assigned its 'AA+' rating and stable outlook to Nevada Housing Division's (NHD) roughly $30 million series 2025A and roughly $107.8 million series 2025B single-family mortgage revenue bonds, issued under the 2008 general indenture, and affirmed its 'AA+' rating, with a stable outlook, on NHD's general-indenture bonds outstanding. "While unlikely, we could lower the rating or revise the outlook to negative if consolidated-resolution cash flow were to underperform, such that after factoring in S&P Global Ratings-calculated credit losses the resolution's overcollateralization no longer meets the 'aa+' requirement, or if we were to view any of the five factors under our program-management and operational-risk analysis negatively rather than neutral, resulting in rating constraint,"

...February 26, 2025 ENGLEWOOD (S&P Global Ratings) Feb. 26, 2025--S&P Global Ratings assigned its '##+' rating and stable outlook to Nevada Housing Division's (NHD) roughly $30 million series 2025A and roughly $107.8 million series 2025B single-family mortgage revenue bonds, issued under the 2008 general indenture, and affirmed its '##+' rating, with a stable outlook, on NHD's general-indenture bonds outstanding. "While unlikely, we could lower the rating or revise the outlook to negative if consolidated-resolution cash flow were to underperform, such that after factoring in S&P Global Ratings-calculated credit losses the resolution's overcollateralization no longer meets the '##+' requirement, or if we were to view any of the five factors under our program-management and operational-risk analysis negatively rather than neutral, resulting in rating constraint," said S&P Global Ratings credit analyst Daniel Pulter. "Alternately, we could raise the rating or revise the outlook to positive if...

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