S&P Global Ratings assigned its 'AA' long-term rating to North Carolina Housing Finance Agency's (NCHFA) home ownership revenue refunding bonds, series 38-A AMT and 38-B non-AMT (1998 trust agreement). At the same time, we have also affirmed the 'AA' ratings on all other series under the parity resolution. The outlook remains positive. The rating reflects our view of the following strengths: Strong credit quality of the single-family mortgage collateral, which includes Federal Housing Administration (FHA)-insured mortgages; Veterans Administration (VA) and U.S. Department of Agriculture (USDA) guarantees, which benefit from the full faith and credit of the U.S. ('AA+'); and primary mortgage insurance, with the uninsured and anticipated addition of mortgage-backed securities (MBS); Strong asset-to-liability parity in the consolidated cash flows;
