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

S&P Global Ratings revised the outlook to positive from stable on all debt under Virginia Housing Development Authority's (Virginia Housing) rental housing bond resolution. In addition, we assigned our 'AA+' long-term rating to the authority's (Virginia Housing) 2021 series B tax-exempt non-AMT rental housing bonds. At the same time, we affirmed our 'AA+' long-term rating on Virginia Housing's previously issued debt under the rental housing bond resolution. Virginia Housing's pledge of the rental housing bond resolution and its assets secures the 2021 series B 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,

...S&P Global Ratings revised the outlook to positive from stable on all debt under Virginia Housing Development Authority's (Virginia Housing) rental housing bond resolution. In addition, we assigned our '##+' long-term rating to the authority's (Virginia Housing) 2021 series B tax-exempt non-AMT rental housing bonds. At the same time, we affirmed our '##+' long-term rating on Virginia Housing's previously issued debt under the rental housing bond resolution. Virginia Housing's pledge of the rental housing bond resolution and its assets secures the 2021 series B 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 $49.98 million of 2021 series B bonds, the total...

Summary