Summary: Tennessee Housing Development Agency; Single Family Whole Loan

S&P Global Ratings assigned its 'AA+' rating and stable outlook to Tennessee Housing Development Agency's (THDA) issue 2018-2 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. This is the 15th issue under THDA's 2013 general resolution, adopted on Jan. 29, 2013, with approximately $1.48 billion outstanding at March 31, 2018. All existing bonds are on parity with each other. The rating reflects our opinion of THDA'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 111.6%; Single-family, whole-loan portfolio of

...S&P Global Ratings assigned its '##+' rating and stable outlook to Tennessee Housing Development Agency's (THDA) issue 2018-2 residential-finance-program bonds, issued under THDA's 2013 General Residential Finance Program Bond Resolution (the 2013 general resolution), and affirmed its '##+' rating, with a stable outlook, on THDA's existing bonds issued under the 2013 general resolution. This is the 15th issue under THDA's 2013 general resolution, adopted on Jan. 29, 2013, with approximately $1.48 billion outstanding at March 31, 2018. All existing bonds are on parity with each other. The rating reflects our opinion of THDA'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 111.6%; + Single-family, whole-loan portfolio of very strong credit quality with approximately 93% of loans, by outstanding balance, guaranteed either by the U.S. government or with a loan-to-value ratio below 78%; + Sufficient liquid...

Summary