Summary: Snohomish County Housing Authority, Washington; General Obligation

S&P Global Ratings assigned its 'A+' rating to Snohomish County Housing Authority (HASCO), Wash.'s roughly $37 million series 2023 revenue bonds, issued for the Madison Park apartments project. At the same time, S&P Global Ratings affirmed its 'A+' issuer credit rating (ICR) on HASCO. S&P Global Ratings also affirmed its 'A+' rating on HASCO's general obligation (GO) debt. The outlook is stable. The bonds are a special obligation of HASCO, payable solely from general revenue and amounts held in other funds and accounts under the indenture. No deed of trust secures bond payments. The general revenue pledge is all revenue of HASCO from any source but only to the extent that revenue is available to pay bond debt service as

...Factor Characteristic Score Industry risk Very strong 2 Market position--regulatory framework Very strong 2 Market position--market dependencies Very strong 2 Management and governance Strong 3 Enterprise risk profile Very strong 2 Financial performance Vulnerable 5 Debt profile Very strong 2 Liquidity Extremely strong 1 Financial risk profile Very strong 3 S&P Global Ratings bases its ratings on nonprofit social housing providers on the seven main rating factors listed in this table. S&P Global Ratings' "Methodology For Rating Public And Nonprofit Social Housing Providers," published June 1, 2021, summarizes how the seven factors are combined to derive each social housing provider's stand-alone credit profile and issuer credit rating....

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