S&P Global Ratings revised its outlook to positive from stable and affirmed its 'AA+' issuer credit rating (ICR) on the Virginia Housing Development Authority (VHDA). The rating reflects our view of VHDA's: Extremely strong and improving equity for fiscal year 2020 at over $3.5 billion, profitability of $120 million, and very strong asset quality; Excellent strategy and management, with a seasoned team of professionals who have maintained a strong, positive relationship with the commonwealth's government and stakeholders; Extremely high overcollateralization of bond indentures, sufficient to withstand losses without general fund support; and Minimal variable-rate debt and counterparty exposure. Partially offsetting these strengths, in our view, is the rising delinquencies and foreclosures with nonperforming assets over total loans rising to nearly
