Research Update: Virginia Housing Development Authority Series 2026J-1, 2026K Commonwealth Mortgage Bonds Rated 'AAA'

S&P Global Ratings assigned its 'AAA' long-term rating to the Virginia Housing Development Authority 's (Virginia Housing) $100 million 2026 series J, subseries J-1 (tax-exempt, fixed rate) and $150 million 2026 series K (taxable, fixed rate) commonwealth mortgage bonds (CMBs). At the same time, we affirmed our 'AAA/A-1+' dual rating on Virginia Housing's 2026 CMB series J 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 payable from the revenues, assets, and money pledged under the master indenture on a parity basis with all other obligations outstanding under the master indenture. The bonds are also

...Legal framework No Cap Program management and operational risk No Cap Factors constraining the anchor 0 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. GE Governmental entity. GSE Governmentsponsored enterprise....

Research Update