CHICAGO (S&P Global Ratings) July 20, 2023--S&P Global Ratings assigned its 'AA+' long-term rating to the North Carolina Housing Finance Agency's (NCHFA) approximately $199 million home ownership revenue bonds (HORBs), series 51 (non-alternative minimum tax; social bonds). At the same time, S&P Global Ratings affirmed its 'AA+' long-term rating on the agency's HORB 1998 resolution. The outlook is stable. The rating reflects our view of the program's: Legal framework that links duties of key transaction parties with proper execution of the program in alignment with our criteria, and legal risks that we believe are sufficiently mitigated; Program management and operational risk assessment, which we consider neutral overall; Over-collateralization and cash flows capable of withstanding S&P Global Ratings-projected loss assumptions, based
