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) 2021 series A 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 pledge of the rental housing bond resolution and its assets secures the 20201series A bonds, as does a general obligation (GO) pledge of the authority. 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. Both pledges are of equal credit quality, according to our analysis. Virginia Housing anticipates

...S&P Global Ratings assigned its '##+' long-term rating to the Virginia Housing Development Authority's (Virginia Housing) 2021 series A 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 pledge of the rental housing bond resolution and its assets secures the 20201series A bonds, as does a general obligation (GO) pledge of the authority. 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. Both pledges are of equal credit quality, according to our analysis. Virginia Housing anticipates issuing approximately $81.6 million of 2021 series A bonds, the total proceeds of which will fund mortgage loans for three developments. Virginia Housing expects to issue the 2021A...

Summary