S&P Global Ratings affirmed its 'AA+' rating, with a stable outlook, on Tennessee Housing Development Agency's (THDA) 2013 general residential-finance-program (RFP)-bond resolution. The rating reflects our view of THDA's RFP indenture, which includes the expected new issuance of its RFP bonds, issue 2017-5; we, however, did not rate this individual issue. The rating reflects our opinion of the RFP's: Strong resolution cash flows with a July 1, 2017, asset-to-liability (A/L) parity ratio of 115.5% and a minimum A/L parity ratio of 107.6%; Single-family, whole-loan portfolio of very strong credit quality with approximately 94% of loans, by outstanding balance, guaranteed either by the U.S. government or with a loan-to-value ratio below 78%; Sufficient liquid reserves; Very high-quality investments; and Bond provisions
