Summary: Tennessee Housing Development Agency; Single Family Whole Loan

S&P Global Ratings assigned its 'AA+' rating and stable outlook to the proposed $225 million Tennessee Housing Development Agency's (THDA) issue 2018-4 residential-finance-program bonds (nonalternative minimum tax), 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 debt, issued under the 2013 general resolution. The rating reflects our opinion of THDA's: Strong resolution cash flows with a July 1, 2018, asset-to-liability (A/L) parity ratio of 114% and a minimum A/L parity ratio of 110.7%; Single-family, whole-loan portfolio of very strong credit quality with approximately 94% of loans, by balance outstanding, guaranteed either by the U.S. government or with a loan-to-value ratio below 78%; Sufficient liquid reserves; Very

...S&P Global Ratings assigned its '##+' rating and stable outlook to the proposed $225 million Tennessee Housing Development Agency's (THDA) issue 2018-4 residential-finance-program bonds (nonalternative minimum tax), 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 debt, issued under the 2013 general resolution. The rating reflects our opinion of THDA's: + Strong resolution cash flows with a July 1, 2018, asset-to-liability (A/L) parity ratio of 114% and a minimum A/L parity ratio of 110.7%; + Single-family, whole-loan portfolio of very strong credit quality with approximately 94% of loans, by balance outstanding, 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 and program management consistent with the rating. We believe these strengths are...

Summary