Summary: North Carolina Housing Finance Agency; Single Family Multiple MBS; Single Family Whole Loan

S&P Global Ratings has raised its rating on North Carolina Housing Finance Agency's homeownership revenue bonds (the 1998 trust agreement) parity resolution to 'AA+' from 'AA'. At the same time, S&P Global Ratings assigned its 'AA+' rating to NCHFA's series 40 homeownership revenue bonds (the 1998 trust agreement). The outlook is stable. The positive rating action was driven by the 1998 trust agreement's transition to a hybrid portfolio where mortgage-backed securities (MBS) now comprise the majority of existing mortgages, strong underlying performance of its whole loan portfolio the majority of which is backed by government insurance, and strong asset-to-liability (A/L) parity levels. The rating reflects our opinion of NCHFA's: Strong A/L parity in consolidated cash flows of 135%, and a

...S&P Global Ratings has raised its rating on North Carolina Housing Finance Agency's homeownership revenue bonds (the 1998 trust agreement) parity resolution to '##+' from '##'. At the same time, S&P Global Ratings assigned its '##+' rating to NCHFA's series 40 homeownership revenue bonds (the 1998 trust agreement). The outlook is stable. The positive rating action was driven by the 1998 trust agreement's transition to a hybrid portfolio where mortgage-backed securities (MBS) now comprise the majority of existing mortgages, strong underlying performance of its whole loan portfolio the majority of which is backed by government insurance, and strong asset-to-liability (A/L) parity levels. The rating reflects our opinion of NCHFA's: + Strong A/L parity in consolidated cash flows of 135%, and a minimum A/L parity ratio of 133%; + MBS portfolio of Fannie Mae (FNMA) and Ginnie Mae (GNMA) securities that represent 50% of the loan balance outstanding and are expected to increase as this issuance...

Summary