Research Update: Virginia Housing Development Authority's $225 Million Commonwealth Mortgage Bonds Rated 'AAA'; Outlook Is Stable

S&P Global Ratings assigned its 'AAA' long-term rating to the Virginia Housing Development Authority 's (Virginia Housing) $75 million remarketed 2024 series F non-AMT, subseries F-2, and $150 million 2025 series C taxable commonwealth mortgage bonds (CMBs). At the same time, we affirmed our 'AAA' long-term rating and underlying rating (SPUR) on the CMB resolution and our 'AAA/A-1+' dual rating on the authority's series 2024F bonds. The outlook is stable. Bonds issued within the CMB resolution are general obligations of Virginia Housing payable from the revenue, 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 supported by Virginia Housing's general obligation (GO) pledge (AA+).

...Program Virginia Hsg Dev Auth commonwealth mortgage bonds w GO 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 Stand-alone credit profile SACP ### Other applicable criteria ### Final Final rating ### N/A--Not applicable....

Research Update