CHICAGO (S&P Global Ratings) April 23, 2025--S&P Global Ratings assigned its 'AA+' long-term rating to the Tennessee Housing Development Agency's (THDA) proposed approximately $200 million issue 2025-1A (non-AMT) (social bonds) and approximately $50 million issue 2025-1B (federally taxable) (social bonds) issued under THDA's 2013 general residential finance program bond resolution (the 2013 general resolution). At the same time, we affirmed our 'AA+/A-1+' dual ratings on THDA's issue 2024-3 bonds also issued under the 2013 general resolution. Finally, we affirmed our 'AA+' long-term rating on all other existing bonds issued under the 2013 general resolution. The outlook, where applicable, is stable. "The 'AA+' rating reflects our opinion of the program's legal framework, program management and operation risk assessment, over-collateralization and cash
