Summary: Snohomish County Housing Authority, Washington; General Obligation

S&P Global Ratings' issuer credit rating (ICR) on Snohomish County Housing Authority (HASCO), Wash. is 'A+'. At the same time, S&P Global Ratings' long-term rating on HASCO's series 2023 revenue bonds is 'A+'. The outlook is stable. An ICR reflects the obligor's general creditworthiness, focusing on its capacity and willingness to meet financial commitments when they come due. It does not apply to any specific financial obligation because it does not consider the obligation's nature and provision, standing in bankruptcy or liquidation, statutory preferences, or legality and enforceability. 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

...An ICR reflects the obligor's general creditworthiness, focusing on its capacity and willingness to meet financial commitments when they come due. It does not apply to any specific financial obligation because it does not consider the obligation's nature and provision, standing in bankruptcy or liquidation, statutory preferences, or legality and enforceability. 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 long as it is not pledged or restricted, as of the date of issue or thereafter, by law; regulation; contract; covenant; resolution; deed of trust; or otherwise, including restrictions related to funds made available to HASCO under the U.S. Housing Act of 1937....

Summary