Research Update: Nevada Housing Division's Roughly $158.8 Million Single-Family Mortgage Revenue Bonds Rated 'AA+'; Outlook Is Stable

S&P Global Ratings assigned its 'AA+' rating to Nevada Housing Division 's (NHD) roughly $60 million series 2025C and roughly $98.8 million series 2025D single-family mortgage revenue bonds, issued under the 2008 general indenture. At the same time, S&P Global Ratings affirmed its 'AA+' rating on NHD's general-indenture bonds outstanding. The outlook is stable. Bonds issued within the general indenture are limited obligations of NHD, payable solely from revenue, assets, and money pledged under the master indenture on a parity basis with all senior-lien obligations outstanding under the indenture. According to preliminary transaction documents, NHD will use series 2025C and 2025D bond proceeds to refund certain outstanding bonds and purchase fully modified pass-through mortgage-backed securities (MBS), issued by, or on

...MRB program Nevada Hsg Div, Single Family Multi-Agency MBS 2008 General Indenture Legal framework No cap Program management and operational risk No cap Cash flow analysis Overcollateralization ### Stressed cash flows ##+ Hedging risk N/A 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