S&P Global Ratings assigned its 'AA-' rating to the Massachusetts Housing Finance Agency's (MassHousing) series 2017 A construction loan notes. At the same time, S&P Global Ratings affirmed its 'AA-' issuer credit rating (ICR) on MassHousing and its ratings on all of the agency's construction loan notes outstanding. The outlook is stable. The rating on the series 2017 notes reflects our 'AA-' ICR on the agency's general obligation pledge. 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 levels and solid financial performance over the past several years; The manageable variable-rate debt exposure; A strong management team that has actively addressed its ongoing asset
