Summary: Massachusetts Housing Finance Agency; Joint Criteria; Multifamily Whole Loan

S&P Global Ratings assigned its 'AA' long-term rating to the Massachusetts Housing Finance Agency's (MassHousing) 2019 series A housing bonds. At the same time, S&P Global Ratings affirmed its 'AA' long-term rating and various dual and short-term ratings on MassHousing's housing bond resolution. The outlook is stable. The 'AA' rating reflects our view of MassHousing's: Solid financial strength in the housing bond resolution, reflecting an asset-to-liability parity of over 115%, very strong loss coverage, very strong portfolio debt service coverage (DSC) of 2.1x, and weighted average loan-to-value (LTV) ratio of approximately 70%; Very strong strategy and management of the program, evidenced by its experience and proactive approach in the sector; Extremely strong operating performance of its loans, lack of delinquent

...S&P Global Ratings assigned its '##' long-term rating to the Massachusetts Housing Finance Agency's (MassHousing) 2019 series A housing bonds. At the same time, S&P Global Ratings affirmed its '##' long-term rating and various dual and short-term ratings on MassHousing's housing bond resolution. The outlook is stable. The '##' rating reflects our view of MassHousing's: + Solid financial strength in the housing bond resolution, reflecting an asset-to-liability parity of over 115%, very strong loss coverage, very strong portfolio debt service coverage (DSC) of 2.1x, and weighted average loan-to-value (LTV) ratio of approximately 70%; + Very strong strategy and management of the program, evidenced by its experience and proactive approach in the sector; + Extremely strong operating performance of its loans, lack of delinquent loans as of June 30, 2018, and average vacancy rate of approximately 2%; + Extremely strong government support, reflecting ongoing support in the form of low-income housing...

Summary