S&P Global Ratings assigned its 'AAA' rating and stable outlook to Georgia Housing&Finance Authority's (GHFA) series 2016A-1 and 2016A-2 single-family mortgage bonds and affirmed its 'AAA' rating, with a stable outlook, on all debt under GHFA's single-family mortgage bond resolution (the 1976 general resolution). The rating reflects our view of: The economic stress cash flow scenarios run under various prepayment speeds, demonstrating sufficient loss coverage for a 'AAA' rating; The credit quality of loan insurance that we consider very strong since a high proportion of the loans carry federal insurance or guarantees, which benefit from the full-faith-and-credit pledge of the nation; The quality of the single-family mortgage collateral; and The fully funded reserves and sufficient liquidity. Preliminary offering
