...S&P Global Ratings assigned its '##+' rating to series 2019A of Nevada Housing Division's (NHD) single-family mortgage revenue bonds, issued under NHD's single-family mortgage revenue bonds general bond certificate dated Sept. 1, 2008 (the 2008 general certificate). Also, S&P Global Ratings affirmed its '##+' ratings on the other outstanding senior-lien bonds issued under the 2008 general certificate, all of which are on parity with each other as well as with the series 2019A bonds. The outlook is stable. The ratings reflect our view of: + The very strong credit quality of the underlying mortgage loan collateral, consisting of mortgage-backed securities (MBS) issued by Fannie Mae and Ginnie Mae; + Very high-quality investments in revenue and residual accounts; and + Consolidated cash flows demonstrating minimum asset-liability parity of approximately 105.09% and assets sufficient to pay full and timely debt service on the bonds under various stress scenarios. Pursuant to the bond documents,...
