S&P Global Ratings assigned its 'AA-' long-term rating to the Massachusetts Housing Finance Agency's (MassHousing) construction loan notes series 2016B and 2016C. The outlook is stable. The rating reflects the general obligation pledge of MassHousing, for which Standard&Poor's maintains an issuer credit rating (ICR) of 'AA-'. The 'AA-' ICR reflects our opinion of the following: 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; Manageable variable-rate debt exposure; A strong management team that has actively 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 (NPAs) over the
