S&P Global Ratings' issuer credit rating (ICR) on Utah Housing Corp. (UHC) is 'AA'. The outlook is stable. An ICR reflects the obligor's general creditworthiness, focusing on its capacity and willingness to meet financial commitments when they come due. It does not apply to any specific financial obligation because it does not consider the obligation's nature and provision, standing in bankruptcy or liquidation, statutory preferences, or legality and enforceability. The ICR reflects our opinion of UHC's: Stable and strong capital adequacy as evidenced by total net equity to total assets ratio, which was 28.1% as of fiscal 2023 with a five-year average of 25%; Consistent and very strong profitability, as demonstrated by a five-year average return on average assets (ROA)
