S&P Global Ratings affirmed its 'B+' rating, with a stable outlook, on Nevada Housing Division's series 2002A multifamily housing revenue bonds, issued for Whittell Pointe apartments. The rating reflects our opinion of: The revenue from mortgage debt service payments and investment earnings are insufficient to pay full and timely debt service on the bonds until the mandatory tender on April 1, 2024. The asset-to-liability ratio is projected to fall below 1x from April 1, 2024, onward. The insufficiency of funds to cover reinvestment risk in the event of prepayment is based on the 15-day minimum notice period. We believe these weaknesses are offset by, what we consider,: The strong credit quality of the assets, consisting of a Fannie Mae collateral
