...S&P Global Ratings assigned its '##+' long-term rating to the Wyoming Community Development Authority's (WCDA) 2018 series 3 (fixed rate) and series 4 (SIFMA floating rate) housing revenue bonds issued under the authority's 1994 single-family parity indenture. At the same time, we affirmed our '##+' long-term rating on all other outstanding issues under the parity resolution. The outlook is stable. 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 2018 series 3 and 4 bonds are being issued under and secured by a trust...
