S&P Global Ratings assigned its 'AA-' long-term rating to Massachusetts Housing Finance Agency's (MassHousing) construction loan notes series 2016A. The rating reflects the general obligation pledge of MassHousing, for which S&P Global Ratings maintains an issuer credit rating (ICR) of 'AA-'. The outlook is stable. The 'AA-' rating reflects our opinion of: The agency's strong asset base, including single-family loans, multifamily mortgages, and investments; The agency's stable equity and solid financial performance over the past several years; The manageable variable-rate debt exposure; A strong management team that has addressed its ongoing asset quality issues; The stable performance of MassHousing's single-family and multifamily loan portfolios, as reflected in the reduction of nonperforming assets over the past several years; The sufficient state
