Research Update: Virginia Housing Development Authority's $225 Million Series 2025G And 2026A Commonwealth Mortgage Bonds Rated 'AAA'

S&P Global Ratings assigned its 'AAA' long-term rating to the Virginia Housing Development Authority 's (Virginia Housing) $75 million series 2025G, subseries G-1 non-AMT, and $150 million series 2026A 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 2024 F bonds. The outlook is stable. Bonds issued within the CMB resolution are general obligations (GOs) 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 GO pledge (AA+). Proceeds of the

...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....

Research Update