S&P Global Ratings assigned its 'A-1+' short-term rating to North Carolina Housing Finance Agency's series 39A homeownership revenue refunding bonds (nonalternative-minimum tax) (1998 trust agreement) and affirmed its 'AA' long-term rating, with a positive outlook, on all other series under the parity resolution. The rating reflects our opinion of the agency's: Strong credit quality of the single-family mortgage collateral, which includes Federal Housing Administration (FHA)-insured mortgages; Veterans Administration and U.S. Department of Agriculture guarantees, which benefit from the full faith and credit of the U.S.; and primary mortgage insurance, coupled with the recent addition of mortgage-backed securities (MBS); Strong asset-to-liability parity ratio in consolidated cash flows of 136% at July 1, 2017; Revenue from mortgage payments and investment earnings sufficient
