...S&P Global Ratings assigned its '##+' rating and stable outlook to Nevada Housing Division's series 2018 multiunit housing revenue bonds, issued for Desert Properties Associates LLC's Desert Properties apartments project. The rating reflects our opinion of investments in U.S. government obligations and money-market funds that will mature or be redeemable as needed in amounts sufficient to pay debt service. The rating also reflects our opinion of the project's: + Sufficient collateral and interest earnings to pay principal and interest on all bonds through maturity on June 1, 2020; + Very high-quality investments, including U.S. government obligations and other investments that meet our minimum requirements commensurate with the bond rating; + Sufficient investment provisions to ensure timely disbursement for all payment events, including semiannual interest payments, prepayments, or acceleration; and + Transaction structure that mitigates bankruptcy-related risk in a manner consistent with...
