Research Update: Virginia Housing Development Authority 2026 Series H-I CMBs Rated 'AAA', Series J COBs Rated 'AAA/A-1+'

S&P Global Ratings assigned its 'AAA' long-term rating to the Virginia Housing Development Authority 's (Virginia Housing) anticipated $375 million 2026 series H (tax-exempt, fixed rate) and 2026 series I (taxable, fixed rate) commonwealth mortgage bonds (CMBs). At the same time, we assigned our 'AAA/A-1+' dual rating to Virginia Housing's anticipated $206 million 2026 CMB series J (tax-exempt, fixed rate) convertible option bonds (COB) Finally, we affirmed our 'AAA' long-term rating and underlying rating (SPUR) on the authority's outstanding CMB debt. The outlook, where applicable, is stable. Bonds issued within the CMB resolution are general obligations (GO) of Virginia Housing payable from the revenue, assets, and money pledged under the master indenture on a parity basis with all other obligations

... Virginia Commonwealth Mortgage Bonds 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 ##+ Anchor Anchor ### Modifiers and holistic analysis Liquidity reserves No modifier Market position No modifier Holistic analysis No modifier Standalone credit profile SACP ### Other applicable criteria ### Final Final rating ### N/ANot applicable. Table 2...

Research Update