S&P Global Ratings affirmed its 'AA' long-term rating on Nevada Housing Division's single-family program mortgage revenue bonds, series 2008B. The outlook is stable. The 'AA' rating is based on Nevada Housing Division's issuer credit rating and reflects our opinion of: The very strong credit quality of the underlying assets, consisting of Ginnie Mae mortgage-backed securities; Very strong resolution cash flows, showing opening parity of 118.4% on the 2008B bonds, and opening and minimum parity of 105.876% on the indenture; and The very high credit quality of related investments. The rating affirmation is based on Nevada Housing Division transferring its existing guaranteed investment contracts with San Sabia to Depfa ACS (A-). We reviewed consolidated cash flows, which assumed S&P Global Ratings'
