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 2023, and a five-year average equity-to-assets ratio of 42.2% and net equity-to-assets ratio of 37.2%, which are stronger than those of similarly rated peers; Above-average profitability compared with
