S&P Global Ratings assigned its 'AA+' long-term rating to the Virginia Housing Development Authority's (Virginia Housing) $172.52 million 2025A non-AMT tax-exempt rental housing bonds. At the same time, we affirmed our 'AA+' long-term rating on Virginia Housing's rental housing bond (RHB) resolution. The outlook is stable. Bonds issued within the RHB resolution are payable from the revenue, assets, and money pledged under the master indenture on a parity basis with all other obligations outstanding under the master indenture. Assets consist of mortgage loans, authority property, revenue, investment obligations and, if applicable, enhancement agreements and exchange agreements. The bonds are also supported by Virginia Housing's general obligation. The series 2025A bonds are subject to special redemption, optional redemption, and sinking fund
