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 B 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 following: 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 B 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 following: + 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. + Reserves are fully funded reserves and liquidity is sufficient. GHFA's single-family mortgage bond resolution funds the authority's primary...

Summary