S&P Global Ratings affirmed its 'AA' issuer credit rating (ICR), with a stable outlook, on Nevada Housing Division (NHD). The rating reflects our opinion of NHD's: Very high quality and low-risk profile of its asset base; Profitability and equity ratios, which are similar to 'AA' rated peers; Low-risk debt profile, consisting of 100% fixed-rate debt for single-family issues and 46% fixed-rate debt for multifamily issues; and Management team committed to maintaining low-risk exposure. In our opinion, the above strengths are somewhat offset by decreasing profitability, measured by return-on-average assets and a net interest margin due to the division's low-risk asset portfolio and prepayment activity on existing loans. Operations remained positive in fiscal 2020 due to management's continued efforts to manage
