S&P Global Ratings affirmed its 'AA+' long-term rating on Massachusetts Housing Finance Agency's (MassHousing's) taxable rental development pass-through revenue bonds (Federal Housing Administration [FHA] risk-sharing) 2014 series A and 2014 series B. The outlook is stable. The rating reflects our view of the: Strength of the FHA risk-share mortgage loans serving as collateral, Sovereign rating on the U.S., Sufficient reserves to cover credit and liquidity shortfalls, and Strong oversight of the resolution by MassHousing. Under the series 2014A and 2014B pass-through bond structure, bondholders receive pro rata disbursements from the respective trust estate of all principal, interest, and prepayments received from the underlying mortgage loans on a monthly basis. The bonds are also subject to optional redemption once the principal
