Summary: Nevada Housing Division; Single Family Multiple MBS

S&P Global Ratings assigned its 'A-1+' rating to Nevada Housing Division's (NHD) approximately $60.275 million series 2021D single-family mortgage revenue bonds, issued under NHD's 2008 single-family mortgage revenue bonds' general indenture, dated Sept. 1, 2008, and as amended. The rating reflects our view of the project's: Very strong credit quality of the underlying mortgage loan collateral, consisting of mortgage-backed securities (MBS), which benefit from full credit enhancement through a guarantee from Fannie Mae and Ginnie Mae; Very high-quality investments in revenue and residual accounts; and Consolidated cash flow, demonstrating a minimum asset-liability parity ratio of approximately 107.7% and assets sufficient to pay full and timely debt service on the bonds under various stress scenarios. In accordance with preliminary bond documents,

...S&P Global Ratings assigned its 'A-1+' rating to Nevada Housing Division's (NHD) approximately $60.275 million series 2021D single-family mortgage revenue bonds, issued under NHD's 2008 single-family mortgage revenue bonds' general indenture, dated Sept. 1, 2008, and as amended. The rating reflects our view of the project's: + Very strong credit quality of the underlying mortgage loan collateral, consisting of mortgage-backed securities (MBS), which benefit from full credit enhancement through a guarantee from Fannie Mae and Ginnie Mae; + Very high-quality investments in revenue and residual accounts; and + Consolidated cash flow, demonstrating a minimum asset-liability parity ratio of approximately 107.7% and assets sufficient to pay full and timely debt service on the bonds under various stress scenarios. In accordance with preliminary bond documents, the 2021D bonds should have a par amount of $60.275 million and will be issued by NHD as a one-year note with an optional redemption date...

Summary