S&P Global Ratings' long-term rating on Utah Housing Corp.'s (UHC) tax-exempt mortgage-backed securities (TEMS) program certificates is 'AA+'. The outlook is stable. TEMS certificates, issued within the TEMS program, are a series of monthly pass-through TEMS that are separately secured by a related pass-through mortgage-backed security (MBS) certificate. UHC entered a master securities forward-transaction agreement with Stifel, Nicolaus&Co. (Stifel), dated Sept. 1, 2015, under which the housing corporation agrees to sell TEMS certificates to Stifel. A single MBS pass-through certificate--with principal and interest guaranteed by Ginnie Mae, Fannie Mae, or Freddie Mac--finances and secures each TEMS certificate series. Each MBS will be backed by a pool of 30-year, fixed-rate mortgage loans, secured by mortgages constituting first liens on
