...NEW YORK (S&P Global Ratings) Oct. 19, 2018--S&P Global Ratings has raised its rating on North Carolina Housing Finance Agency's homeownership revenue bonds (the 1998 trust agreement) parity resolution to '##+' from '##'. At the same time, S&P Global Ratings assigned its '##+' rating to NCHFA's series 40 homeownership revenue bonds (the 1998 trust agreement). The outlook is stable. "The positive rating action was driven by the 1998 trust agreement's transition to a hybrid portfolio where mortgage-backed securities now comprise the majority of existing mortgages, strong underlying performance of its whole loan portfolio the majority of which is back by government insurance, and strong asset-to-liability parity levels," said S&P Global Ratings credit analyst Richard Kubanik. NCHFA established the bond indenture in 1998, and all bonds in the indenture are on parity. At June 30, 2018, there were 5,844 whole loans outstanding with a principal balance of $371 million, the majority of which are...
