S&P Global Ratings affirmed its 'AAA' long-term and underlying rating (SPUR) on the Virginia Housing Development Authority's (Virginia Housing) commonwealth mortgage bonds (CMB) resolution. The outlook is stable. The rating reflects the application of our "Methodology For Rating U.S. Public Finance Mortgage Revenue Bond Programs", published Oct. 10, 2022. Bonds issued within the CMB resolution are general obligations of Virginia Housing payable from the revenues, assets, and money pledged under the master indenture on a parity basis with all other obligations outstanding under the master indenture. The bonds are also supported by Virginia Housing's general obligation (GO) pledge, rated AA+. The rating reflects our view of the program's: Legal framework that links duties of key transaction parties with proper execution
