North Carolina Housing Finance Agency Series 45 Homeownership Revenue Bonds Assigned 'AA+' Rating

NEW YORK (S&P Global Ratings) Sept. 4, 2020--S&P Global Ratings assigned its 'AA+' long-term rating to North Carolina Housing Finance Agency's (NCHFA) series 45 homeownership revenue bonds (the 1998 trust agreement). At the same time, S&P Global Ratings affirmed its 'AA+' long-term rating and underlying rating (SPUR) on NCHFA's homeownership revenue parity debt (the 1998 trust agreement) resolution. The outlook is stable. "The rating reflects our opinion of NCHFA's Fannie Mae (FNMA), Freddie Mac (FHLMC), and Ginnie Mae (GNMA) mortgage-backed securities (MBS) portfolios, representing approximately 76% of loan balance outstanding; consolidated indenture cash flows that demonstrate sufficient assets and revenues to absorb projected losses at the 'AA+' level; and very strong credit quality of its remaining single-family whole-loan portfolio," said

...September 4, 2020 NEW YORK (S&P Global Ratings) Sept. 4, 2020--S&P Global Ratings assigned its '##+' long-term rating to North Carolina Housing Finance Agency's (NCHFA) series 45 homeownership revenue bonds (the 1998 trust agreement). At the same time, S&P Global Ratings affirmed its '##+' long-term rating and underlying rating (SPUR) on NCHFA's homeownership revenue parity debt (the 1998 trust agreement) resolution. The outlook is stable. "The rating reflects our opinion of NCHFA's Fannie Mae (FNMA), Freddie Mac (FHLMC), and Ginnie Mae (GNMA) mortgage-backed securities (MBS) portfolios, representing approximately 76% of loan balance outstanding; consolidated indenture cash flows that demonstrate sufficient assets and revenues to absorb projected losses at the '##+' level; and very strong credit quality of its remaining single-family whole-loan portfolio," said S&P Global Ratings credit analyst Kib Beom-Ki Park. NCHFA will use the series 45 bond proceeds to purchase MBS, make downpayment...

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