Summary: Nevada Housing Division; Single Family Multiple MBS

S&P Global Ratings assigned its 'AA+' long-term rating to Nevada Housing Division's (NHD) series 2024E and 2024F mortgage revenue bonds, with expected par amounts of $47.7 million and $172.9 million, respectively. At the same time, we affirmed our 'AA+' long-term rating on NHD's 2008 general indenture, and on bonds outstanding within the indenture. The outlook is stable. Bonds issued within the general indenture are limited obligations of NHD, payable from the revenues, assets, and money pledged under the master indenture on a parity basis with all senior obligations outstanding under the master indenture. For more information on the general indenture, see our analysis, published Feb. 2, 2024, on RatingsDirect. According to preliminary transaction documents, NHD will use the series 2024E

...MRB Program Rating Summary Cash Flow Analysis Overcollateralization GE/GSE rating (##+) Stressed cash flows ##+ Hedging risk N/A HFA general obligation pledge N/A Anchor Anchor rating ##+ Modifiers and holistic analysis Liquidity reserves No modifier Market position No modifier Holistic analysis No modifier Stand-alone credit profile (SACP) SACP ##+ Other applicable criteria No cap Final Final rating ##+ HFA--Housing finance agency. GE--Government enterprise. GSE--Government-sponsored enterprise. N/A--Not applicable....

Summary