Summary: Virginia Housing Development Authority; General Obligation; Multifamily Whole Loan

S&P Global Ratings assigned its 'AA+' long-term rating to the Virginia Housing Development Authority's (Virginia Housing) 2020 series G non-AMT and series H taxable rental housing bonds. At the same time, S&P Global Ratings affirmed its 'AA+' long-term rating on Virginia Housing's previously issued debt under the rental housing bond resolution. The outlook is stable. Virginia Housing's general obligation (GO) pledge secures the 2020 series G and H (2020GH) bonds, as do a pledge of the rental housing bond resolution and its assets. The rating reflects our analysis of both revenue streams according to our criteria "Methodology: Rating Approach To Obligations With Multiple Revenue Streams," published Nov. 29, 2011 on RatingsDirect. Virginia Housing anticipates issuing $23.1 million of 2020 series

...S&P Global Ratings assigned its '##+' long-term rating to the Virginia Housing Development Authority's (Virginia Housing) 2020 series G non-AMT and series H taxable rental housing bonds. At the same time, S&P Global Ratings affirmed its '##+' long-term rating on Virginia Housing's previously issued debt under the rental housing bond resolution. The outlook is stable. Virginia Housing's general obligation (GO) pledge secures the 2020 series G and H (2020GH) bonds, as do a pledge of the rental housing bond resolution and its assets. The rating reflects our analysis of both revenue streams according to our criteria "Methodology: Rating Approach To Obligations With Multiple Revenue Streams," published Nov. 29, 2011 on RatingsDirect. Virginia Housing anticipates issuing $23.1 million of 2020 series G bonds and $150.0 million of 2020 series H bonds, the total proceeds of which will fund mortgage loans for 10 developments. Virginia Housing expects to issue the 2020GH bonds as fixed-rate bonds...

Summary