Snohomish County Housing Authority, Washington; General Obligation

The issuer credit rating (ICR) on Snohomish County Housing Authority (HASCO), Wash. is 'A+'. The outlook is stable. The rating reflects our opinion of HASCO's finances, including its low debt and ample liquidity. We also consider HASCO's market position a credit strength due to strong demand for its housing stock that offers competitive rents north of the Seattle-Tacoma metropolitan area. The rating also reflects the implementation of our criteria, "Methodology For Rating Public And Nonprofit Social Housing Providers," published June 1, 2021, on RatingsDirect. As a government-related entity, we evaluate the likelihood of extraordinary support for HASCO as moderate based on the combined strong link and limited importance. This results in a standalone credit profile rating of 'a+'. As of

...+ The issuer credit rating (ICR) on Snohomish County Housing Authority (HASCO), Wash. is 'A+'. + The outlook is stable. The rating reflects our opinion of HASCO's finances, including its low debt and ample liquidity. We also consider HASCO's market position a credit strength due to strong demand for its housing stock that offers competitive rents north of the Seattle-Tacoma metropolitan area. The rating also reflects the implementation of our criteria, "Methodology For Rating Public And Nonprofit Social Housing Providers," published June 1, 2021, on RatingsDirect. As a government-related entity, we evaluate the likelihood of extraordinary support for HASCO as moderate based on the combined strong link and limited importance. This results in a standalone credit profile rating of 'a+'. As of June 2021, HASCO had approximately $132.2 million in debt outstanding, including $70.1 million in general obligation bonds, $24.1 million in other direct borrowings, $20.1 million in conduit and forgivable...

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