Summary: Massachusetts Housing Finance Agency; Single Family Whole Loan

S&P Global Ratings assigned its 'AA+' long-term rating to Massachusetts Housing Finance Agency's (MassHousing, or the agency) single-family housing revenue bonds (SFHRBs), series 193 (federally taxable), 194 (AMT), 195 (non-AMT), and 196 (non-AMT) (index floating rate). At the same time, we affirmed our 'AA+' long-term rating and underlying rating (SPUR) on MassHousing's SFHRBs outstanding. The outlook is stable. The rating reflects our opinion of: Consistent strengthening in the indenture's performance and equity position over the past two years; The very strong asset quality of the single-family loan portfolio, with approximately 60% of the portfolio consisting of mortgage-backed securities (MBS) guaranteed by Fannie Mae; Strong parity of 116.5%, as demonstrated in economic stress scenario cash flows that reflect fully funded loss

...S&P Global Ratings assigned its '##+' long-term rating to Massachusetts Housing Finance Agency's (MassHousing, or the agency) single-family housing revenue bonds (SFHRBs), series 193 (federally taxable), 194 (AMT), 195 (non-AMT), and 196 (non-AMT) (index floating rate). At the same time, we affirmed our '##+' long-term rating and underlying rating (SPUR) on MassHousing's SFHRBs outstanding. The outlook is stable. The rating reflects our opinion of: + Consistent strengthening in the indenture's performance and equity position over the past two years; + The very strong asset quality of the single-family loan portfolio, with approximately 60% of the portfolio consisting of mortgage-backed securities (MBS) guaranteed by Fannie Mae; + Strong parity of 116.5%, as demonstrated in economic stress scenario cash flows that reflect fully funded loss coverage at the '##' level; + Sufficient reserves to provide liquidity for delinquent mortgage loans, along with the very strong credit quality of investments...

Summary