Summary: Georgia Housing And Finance Authority; Single Family Whole Loan

S&P Global Ratings assigned its 'AAA' long-term rating to the Georgia Housing and Finance Authority's (GHFA) 2019 series A single family mortgage bonds. We also affirmed our 'AAA' long-term rating on all debt issued under GHFA's single family mortgage bond resolution (the 1976 general resolution). The outlook is stable. The 'AAA' rating reflects our view of: The strong credit quality of the collateral securing the bonds (the mortgage pool has a high percentage of loans guaranteed by the Federal Housing Administration, or FHA, Veterans Administration, or VA, or Rural Housing Service, or RHS; Cash flow scenarios run at various prepayment speeds and stress assumptions, demonstrating sufficient excess assets after our loan-loss projections; The strong asset management oversight that GHFA provides

...S&P Global Ratings assigned its '###' long-term rating to the Georgia Housing and Finance Authority's (GHFA) 2019 series A single family mortgage bonds. We also affirmed our '###' long-term rating on all debt issued under GHFA's single family mortgage bond resolution (the 1976 general resolution). The outlook is stable. The '###' rating reflects our view of: + The strong credit quality of the collateral securing the bonds (the mortgage pool has a high percentage of loans guaranteed by the Federal Housing Administration, or FHA, Veterans Administration, or VA, or Rural Housing Service, or RHS; + Cash flow scenarios run at various prepayment speeds and stress assumptions, demonstrating sufficient excess assets after our loan-loss projections; + The strong asset management oversight that GHFA provides in relation to its mortgage portfolio; and + The fully funded reserves and sufficient liquidity. GHFA's single-family mortgage bond resolution funds the authority's primary homeownership and...

Summary