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

S&P Global Ratings assigned its 'AA+' rating and stable outlook to North Carolina Housing Finance Agency's (NCHFA) series 42 homeownership revenue bonds (the 1998 trust agreement) and affirmed its 'AA+' rating, with a stable outlook, on NCHFA's homeownership revenue parity debt (the 1998 trust agreement) resolution. The rating reflects our opinion of NCHFA's: Strong asset-to-liability (A/L) parity ratio of 134% in consolidated cash flows; Fannie Mae (FNMA) and Ginnie Mae (GNMA) mortgage-backed-securities (MBS) portfolios, representing 67% of loan balance outstanding, that should increase because this issuance includes FNMA and GNMA MBS; Single-family, whole-loan portfolio of very strong credit quality with roughly 92% of loans guaranteed by either the U.S. government or a loan-to-value ratio below 80%, as well as a

...S&P Global Ratings assigned its '##+' rating and stable outlook to North Carolina Housing Finance Agency's (NCHFA) series 42 homeownership revenue bonds (the 1998 trust agreement) and affirmed its '##+' rating, with a stable outlook, on NCHFA's homeownership revenue parity debt (the 1998 trust agreement) resolution. The rating reflects our opinion of NCHFA's: + Strong asset-to-liability (A/L) parity ratio of 134% in consolidated cash flows; + Fannie Mae (FNMA) and Ginnie Mae (GNMA) mortgage-backed-securities (MBS) portfolios, representing 67% of loan balance outstanding, that should increase because this issuance includes FNMA and GNMA MBS; + Single-family, whole-loan portfolio of very strong credit quality with roughly 92% of loans guaranteed by either the U.S. government or a loan-to-value ratio below 80%, as well as a first-quarter 2019 delinquency performance of 3.99%, above state and national averages; + Sufficient loss-coverage protection provided by reserves and overcollateralization;...

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