S&P Global Ratings affirmed its 'AA' issuer credit rating (ICR) on the Wyoming Community Development Authority (WCDA). The outlook is stable. The rating reflects our view of WCDA's: Consistently improving profitability ratios and equity levels during the last five years, Experienced and active management team with strong legislative support, and Prudent debt management policies. Partly offsetting the above strengths, in our view, is the authority's continued higher-than-average delinquency rates for housing finance agency (HFA) loan portfolios. However, the authority has seen a decreasing trend of nonperforming assets over the past five years, which has reduced delinquency rates. In our view, the authority has a moderate risk asset base, 71% of which is mortgage loans. The risk profile of its loan
