S&P Global Ratings raised its long-term rating and underlying rating (SPUR) to 'AA+' from 'AA' on bonds outstanding under Massachusetts Housing Finance Agency's (MassHousing) housing bond resolution. At the same time, we assigned our 'AA+' rating to MassHousing's 2022 series C housing bonds. The outlook is stable. The rating upgrade reflects our assessment of the strong presence of federal insurance and tax credits on more than 80% of the loan portfolio, in addition to the relatively conservative debt profile and strong management team. The rating reflects the application of our "Methodology For Rating U.S. Public Finance Mortgage Revenue Bond Programs," published Oct. 10, 2022. Bonds issued within the housing bond resolution are special-revenue obligations of MassHousing, secured solely by a
