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

S&P Global Ratings assigned its 'AA+' rating and stable outlook to North Carolina Housing Finance Agency's (NCHFA) series 41 homeownership revenue bonds (the 1998 trust agreement) and affirmed its 'AA+' rating, with a stable outlook, on NCHFA's homeownership revenue parity debt (the 1998 trust agreement) resolution. The rating reflects our opinion of NCHFA's: Strong asset-to-liability (A/L) parity ratio of 135% in consolidated cash flows and a minimum A/L parity ratio of 131%; Fannie Mae (FNMA) and Ginnie Mae (GNMA) mortgage-backed-securities (MBS) portfolios, representing 58% of loan balance outstanding, that should increase because this issuance includes FNMA, GNMA, and possibly Freddie Mac MBS; Single-family, whole-loan portfolio of very strong credit quality with roughly 90% of loans guaranteed by either the U.S.

...S&P Global Ratings assigned its '##+' rating and stable outlook to North Carolina Housing Finance Agency's (NCHFA) series 41 homeownership revenue bonds (the 1998 trust agreement) and affirmed its '##+' rating, with a stable outlook, on NCHFA's homeownership revenue parity debt (the 1998 trust agreement) resolution. The rating reflects our opinion of NCHFA's: + Strong asset-to-liability (A/L) parity ratio of 135% in consolidated cash flows and a minimum A/L parity ratio of 131%; + Fannie Mae (FNMA) and Ginnie Mae (GNMA) mortgage-backed-securities (MBS) portfolios, representing 58% of loan balance outstanding, that should increase because this issuance includes FNMA, GNMA, and possibly Freddie Mac MBS; + Single-family, whole-loan portfolio of very strong credit quality with roughly 90% of loans guaranteed by either the U.S. government or a loan-to-value ratio below 80%, as well as a fourth-quarter 2018 delinquency performance of 5%, slightly above state and national averages; + Sufficient...

Summary