...S&P Global Ratings has affirmed its '##+' long-term rating on Nevada Housing Division (NHD)'s single-family program mortgage revenue bonds. The outlook is stable The rating reflects our opinion of: + The very strong credit quality of the underlying assets, consisting of Ginnie Mae mortgage-backed securities (MBS), which are '##+' eligible under our criteria; + Very strong resolution cash flows, showing opening and minimum asset-to-liability parity of 106.627%; and + The very high credit quality of related investments. The rating is the same as the sovereign rating on the U.S. (##+/Stable). Should the U.S. sovereign rating be raised to '###' and the bond program meet all criteria commensurate with a '###' rating, the ratings on the bonds and general indenture will also be raised. Latest consolidated cash flows indicate an opening and minimum asset-to-liability parity of 106.627% for the resolution. The issue's non-MBS assets continue to be held in very high-quality investments, in our view....
