North Carolina Housing Finance Agency; Single Family Multiple MBS; Single Family Whole Loan

S&P Global Ratings assigned its 'AA' rating and positive outlook to North Carolina Housing Finance Agency's (NCHFA) series 39-A (alternative-minimum tax) and series 39-B (nonalternative-minimum tax) homeownership revenue refunding bonds and affirmed its 'AA' rating, with a positive outlook, on NCHFA's existing homeownership revenue debt (the 1998 trust agreement) parity resolution. The rating reflects our opinion of NCHFA's: Strong asset-to-liability (A/L) parity in consolidated cash flows of 121% and a minimum A/L parity ratio of 119%; Single-family, whole-loan portfolio of very strong credit quality with approximately 79% of loans, by outstanding balance, guaranteed either by the U.S. government or with a loan-to-value ratio below 80%, as well as a fourth-quarter 2017 delinquency performance of 4.26% that is better than state

...S&P Global Ratings assigned its '##' rating and positive outlook to North Carolina Housing Finance Agency's (NCHFA) series 39-A (alternative-minimum tax) and series 39-B (nonalternative-minimum tax) homeownership revenue refunding bonds and affirmed its '##' rating, with a positive outlook, on NCHFA's existing homeownership revenue debt (the 1998 trust agreement) parity resolution. The rating reflects our opinion of NCHFA's: + Strong asset-to-liability (A/L) parity in consolidated cash flows of 121% and a minimum A/L parity ratio of 119%; + Single-family, whole-loan portfolio of very strong credit quality with approximately 79% of loans, by outstanding balance, guaranteed either by the U.S. government or with a loan-to-value ratio below 80%, as well as a fourth-quarter 2017 delinquency performance of 4.26% that is better than state and national averages; + Mortgage-backed-securities (MBS) portfolio of Fannie Mae (FNMA) and Ginnie Mae (GNMA) securities that represent 44% of loan balance...

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