North Carolina Housing Finance Agency; Single Family Whole Loan

S&P Global Ratings affirmed its 'AA' rating on North Carolina Housing Finance Agency's (NCHFA's) home ownership revenue bonds series A-1, 1, A-2, and 2, issued under the 2009 trust agreement and the U.S. Treasury's new issue bond program (NIBP). The outlook is stable. NCHFA's NIBP home ownership revenue bond indenture was established in 2009, and all bonds in the indenture are on parity. The bonds are special obligations of NCHFA, secured by all program revenues and assets as defined by the indenture. Under the NIBP program, a portion of the bonds were bought by Fannie Mae and Freddie Mac, which in turn sold government-sponsored entity (GSE) securities to the U.S. Treasury in exchange for bond proceeds. The GSE securities do

...S&P Global Ratings affirmed its '##' rating on North Carolina Housing Finance Agency's (NCHFA's) home ownership revenue bonds series A-1, 1, A-2, and 2, issued under the 2009 trust agreement and the U.S. Treasury's new issue bond program (NIBP). The outlook is stable. NCHFA's NIBP home ownership revenue bond indenture was established in 2009, and all bonds in the indenture are on parity. The bonds are special obligations of NCHFA, secured by all program revenues and assets as defined by the indenture. Under the NIBP program, a portion of the bonds were bought by Fannie Mae and Freddie Mac, which in turn sold government-sponsored entity (GSE) securities to the U.S. Treasury in exchange for bond proceeds. The GSE securities do not secure the bonds issued under the indenture. We have reviewed consolidated cash flows, with a basis date as of July 1, 2018, and which open at 115.9% parity under a variety of stress scenarios. We believe there are sufficient excess assets under the resolution to...

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