S&P Global Ratings' issuer credit rating (ICR) on the Virginia Housing Development Authority (Virginia Housing) 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 rating reflects our view of Virginia Housing's: Financial strength measured by approximately $3.9 billion in equity as of fiscal 2024, and a five-year average equity-to-assets ratio of 39.8% and net equity-to-assets ratio of 34.8%, which are stronger than those of its similarly rated peers; Above-average profitability compared
