Summary: Massachusetts Housing Finance Agency; Single Family Whole Loan

S&P Global Ratings assigned its 'AA+/A-1+' rating to Massachusetts Housing Finance Agency's (MassHousing) series 208 single-family housing revenue bonds (SFHRBs). The outlook is stable. The series 208 bonds are being issued as variable-rate demand obligations and will receive liquidity enhancement in the form of a standby bond purchase agreement (SBPA) from the Royal Bank of Canada. The long-term component of the rating reflects our view of MassHousing's SFHRB Resolution. The short-term component of the rating reflects the liquidity facility in the form of an SBPA provided by the Royal Bank of Canada, effective May 9, 2019. The SBPA will cover principal and 206 days' interest for a maximum 10% annual rate for the purchase price of bonds that are not

...The stable outlook reflects our expectation that the program will maintain its credit quality, which has become very strong and stable over the past several years as a result of the agency's shift to Fannie Mae MBS and control of delinquencies. This outlook also reflects our view of the program's stable financial strength, which provides very strong credit protection for bondholders....

Summary