S&P Global Ratings affirmed its 'AA+' long-term rating on Nevada Housing Division's (NHD) single-family program mortgage revenue bonds. The outlook is stable. NHD's New Issue Bond Program (NIBP) single-family program mortgage revenue bonds consist of single-family mortgage-backed securities (MBS), secured by Ginnie Mae or Fannie Mae. Bonds outstanding as of April 2020 are approximately $31 million of fixed-rate debt obligations. The asset-to-liability (A/L) parity resolution is 117.7% as of April 2020. The rating reflects our opinion of: The indenture's very strong resolution cash flows showing opening and low A/L parity of 117.7%; The bond program's cash flow sufficiency and overcollateralization; High-quality MBS assets, virtually all of which are secured through either Ginnie Mae or Fannie Mae; and The very high
