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) proposed $120 million issue 2020-1A (non-AMT), and $80 million issue 2020-1B (federally taxable) 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 debt, issued under the 2013 general resolution. The rating reflects our opinion of THDA's: Strong resolution cash flow, with a projected July 1, 2020, minimum asset-to-liability (A/L) parity ratio of 109.53%; Single-family, whole-loan portfolio of very strong credit quality, with approximately 96% of loans, by balance outstanding, guaranteed by the U.S. government; Sufficient liquid reserves; Very high-quality investments; and Bond provisions and program management

...S&P Global Ratings assigned its '##+' rating and stable outlook to Tennessee Housing Development Agency's (THDA) proposed $120 million issue 2020-1A (non-AMT), and $80 million issue 2020-1B (federally taxable) 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 debt, issued under the 2013 general resolution. The rating reflects our opinion of THDA's: + Strong resolution cash flow, with a projected July 1, 2020, minimum asset-to-liability (A/L) parity ratio of 109.53%; + Single-family, whole-loan portfolio of very strong credit quality, with approximately 96% of loans, by balance outstanding, guaranteed by the U.S. government; + Sufficient liquid reserves; + Very high-quality investments; and + Bond provisions and program management consistent with the rating. We believe these strengths are somewhat offset by THDA's elevated rate of delinquent single-family...

Summary