...S&P Global Ratings assigned its 'A+' issuer credit rating (ICR) to the Housing Authority of Snohomish County (HASCO), Wash. The outlook is stable. The ratings on HASCO reflect the authority's stand-alone credit profile (SACP) of 'a+' and S&P Global Ratings' view that there is a moderate likelihood that the U.S. government would provide timely and extraordinary support to HASCO in the event of financial distress. The rating reflects our view of HASCO's: + Very strong enterprise risk profile supported by low industry risk, high demand for affordable housing in Snohomish County, and very strong operational performance, evidenced by a 0.9% vacancy rate at HASCO's managed properties; + Strong financial risk profile supported by strong debt profile (debt-to-EBITDA ratio of 11.6x and strong EBITDA interest coverage of 3.5x), very strong liquidity position (with approximately 6.8x more sources of funding to cover the uses), and relatively stronger financial performance compared with similarly rated...
