Research Update: Massachusetts Housing Finance Agency 2025A Housing Bonds Assigned 'AA+/A-1' Rating; 2025B Housing Bonds Rated 'AA+'

S&P Global Ratings assigned its 'AA+/A-1' dual rating to Massachusetts Housing Finance Agency 's (MassHousing) roughly $62.66 million series 2025A housing bonds, and its 'AA+' long-term rating to MassHousing's roughly $40.96 million series 2025B housing bonds. At the same time, S&P Global Ratings affirmed its 'AA+' long-term rating and underlying rating (SPUR), 'AA+/A-1+' rating, and 'AA+/A-1' rating on MassHousing's existing debt within the housing bond resolution. The outlook is stable. Bonds issued within the housing bond resolution are special revenue obligations of MassHousing, secured solely by a pledge of certain revenue and funds established under the resolution, which is MassHousing's main issuing indenture for its multifamily program. A lien on all income from mortgage loans also secures the bonds. The

...Legal framework No cap Program management and operational risk ##+ Factors constraining the anchor Asset and liability management Cash flow analysis Overcollateralization ### Stressed cash flows ##+ Hedging risk No cap HFA general obligation pledge N/A Anchor Anchor ##+ Modifiers and holistic analysis Liquidity reserves No modifier Market position No modifier Holistic analysis No modifier Stand-alone credit profile SACP ##+ Other applicable criteria No cap Final Final rating ##+ N/A--Not applicable....

Research Update