S&P Global Ratings affirmed its 'AA-' issuer credit rating (ICR) on Massachusetts Housing Finance Agency (MassHousing). The outlook is stable. The rating reflects our view of MassHousing's: Financial strength as measured by nearly $1.52 billion in equity in fiscal 2021, net equity-to-assets ratio of 24.51% in fiscal year 2021 and 21.81% on a five-year average, which we view as in line with those of peers; Above-average asset quality compared with peers, as measured by a nonperforming assets (NPAs) to total assets ratio of 0.8% in fiscal 2021 and a five-year average of 0.85%; Strong liquidity measured by a five-year average of total loans to total assets of 50.9% and five-year average short-term investments to total assets of 21.2%; and Very
