Summary: Wyoming Community Development Authority; Single Family Whole Loan

S&P Global Ratings assigned its 'AA+' long-term rating to the Wyoming Community Development Authority's (WCDA) series 2018-1 housing revenue bonds. Additionally, WCDA plans on issuing series 2018-2 (variable-rate) single-family mortgage bonds in conjunction with the series 2018-1, which we will rate separately from this transaction. Finally, S&P Global Ratings affirmed its 'AA+' long-term rating on the bonds previously issued under WCDA's 1994 parity indenture. The 'AA+' long-term rating is based on our view of the following strengths: Strong credit quality of the mortgage loan collateral; Strength of the cash flow runs, with asset-to-liability parity of 132.1% as of Dec. 1, 2017; Very strong reserves that are sized in accordance with our 'AA+' rating-level minimums to provide protection for potential loan

...S&P Global Ratings assigned its '##+' long-term rating to the Wyoming Community Development Authority's (WCDA) series 2018-1 housing revenue bonds. Additionally, WCDA plans on issuing series 2018-2 (variable-rate) single-family mortgage bonds in conjunction with the series 2018-1, which we will rate separately from this transaction. Finally, S&P Global Ratings affirmed its '##+' long-term rating on the bonds previously issued under WCDA's 1994 parity indenture. The '##+' long-term rating is based on our view of the following strengths: + Strong credit quality of the mortgage loan collateral; + Strength of the cash flow runs, with asset-to-liability parity of 132.1% as of Dec. 1, 2017; + Very strong reserves that are sized in accordance with our '##+' rating-level minimums to provide protection for potential loan losses; and + Excellent management of the indenture. Partly offsetting the above strengths is, in our view, some exposure to a non-investment-grade mortgage insurer. The bond proceeds...

Summary