S&P Global Ratings affirmed its 'B+' rating, with a stable outlook, on Nevada Housing Division's series 2003A multifamily housing revenue bonds, issued for the Whittell Pointe apartments. A Fannie Mae collateral agreement secures the bonds. The rating reflects our view of the project's reliance on short-term, market-rate investments. 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, 2025. The debt service coverage is falling below investment-grade levels at the remarketing date. The asset-to-liability ratio is projected to fall below 1x on April 1, 2025. The insufficiency of funds to cover reinvestment risk in the
