S&P Global Ratings assigned its 'AA+' rating and stable outlook to Tennessee Housing Development Agency's (THDA) series 2017-3 residential finance program bonds, issued under THDA's 2013 General Residential Finance Program Bond Resolution (the 2013 general resolution), and affirmed its 'AA+' rating, with a stable outlook, on THDA's existing bonds issued under the 2013 general resolution. All existing bonds are on parity with each other, as well as with the series 2017-3 bonds. The rating reflects our opinion of: Very strong resolution cash flows, with a July 1, 2017, asset-to-liability (A/L) parity ratio of 112.5% and a minimum A/L parity ratio of 112.2%; THDA's single-family, whole-loan portfolio of very strong credit quality, with approximately 94% of loans, by outstanding balance, either
