Research Update: North Carolina Housing Finance Agency's $299 Million Home Ownership Revenue Bonds Assigned 'AA+' Rating

S&P Global Ratings assigned its 'AA+' long-term rating to the North Carolina Housing Finance Agency 's (NCHFA) approximately $92.8 million home ownership revenue bonds (HORBs), series 58-A (non-alternative minimum tax), and approximately $206.2 million HORBs, series 58-B (federally taxable). At the same time, we affirmed our 'AA+' long-term rating on NCHFA's HORB 1998 resolution and our 'AA+/A-1' dual rating on the agency's variable-rate bonds. Finally, we affirmed our 'AA+/A-1+' dual rating on the agency's convertible option bonds, also issued under the HORB 1998 resolution. The outlook, where applicable, is stable. The 'AA+' long-term component of the dual rating reflects our view of the credit characteristics of the agency's HORB 1998 resolution. Bonds issued within the HORB 1998 resolution are payable

...Legal framework No cap Program management and operational risk No cap 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