S&P Global Ratings assigned its 'BB+' long-term rating to Washington State Housing Finance Commission 's $450.1 million (estimated) nonprofit revenue bonds, series 2025A, issued for Provident Group-SH II Properties LLC (Provident-SH II, or the borrower), the sole member of which is Provident Resources Group Inc. The outlook is stable. The series 2025A bonds are nonrecourse obligations of Provident-SH II, secured by a senior lien on the net revenues of the Blakeley and Laurel Villages portfolio (the project, or the facilities), which are two residential housing facilities currently owned and operated by the University of Washington (see our report published Feb. 3, 2025, on RatingsDirect) that will be leased to Provident – SH II to be redeveloped. The bonds are further
