S&P Global Ratings' long-term rating on Utah Housing Corp. (UHC)'s 2000 indenture is 'AA'. The outlook is stable. The 2015 series D class III bonds are the only issue outstanding under the 2000 indenture. The bonds are payable from the revenues, assets, and money pledged under the master indenture. The bonds are also supported by UHC's general obligation (GO) pledge, rated 'AA'. The rating reflects our view of the program's: Legal framework that links duties of key transaction parties with proper execution of the program, and legal risks that we believe are sufficiently mitigated; Program management and operational risk assessment, which we consider to have negative factors in asset-to-liability (A/L) management that constrain the rating in the 'aa' rating category;
