S&P Global Ratings affirmed its 'AA' issuer credit rating (ICR) on Nevada Housing Division (NHD). The outlook is stable. Operations remained positive in fiscal year 2019 due to management's efforts to increase income and stabilize expenses. In our opinion, NHD continues to have a low-risk asset base. NHD's current single-family indentures, which account for 96% of all single-family loans, are made up entirely of 'AA+' eligible mortgage-backed securities (MBS), with single-family whole loans, which make up 4% of single-family loans and issued in the general fund, having either Federal Housing Administration (FHA) insurance or Veterans Administration (VA) guarantees. In addition, all of NHD's multifamily projects, in which NHD is the conduit issuer and which are nonrecourse, have either Fannie Mae
