Tennessee Housing Development Agency Series 2018-4 Bonds Rated 'AA+' On Strong Resolution Cash Flows; Outlook Stable

NEW YORK (S&P Global Ratings) Sept. 28, 2018--S&P Global Ratings assigned its 'AA+' rating and stable outlook to the proposed $225 million Tennessee Housing Development Agency's (THDA) issue 2018-4 residential-finance-program bonds (nonalternative minimum tax), issued under THDA's 2013 general-residential-finance-program bond resolution (the 2013 general resolution), and affirmed its 'AA+' rating, with a stable outlook, on THDA's existing debt, issued under the 2013 general resolution. "If asset-to-liability parity ratios were to increase significantly and if THDA's cash flows were to demonstrate performance we consider commensurate with the 'AAA' rating level, we could raise the rating or revise the outlook to positive," said S&P Global Ratings credit analyst Richard Kubanik. "We, however, could lower the rating or revise the outlook to negative

...NEW YORK (S&P Global Ratings) Sept. 28, 2018--S&P Global Ratings assigned its '##+' rating and stable outlook to the proposed $225 million Tennessee Housing Development Agency's (THDA) issue 2018-4 residential-finance-program bonds (nonalternative minimum tax), issued under THDA's 2013 general-residential-finance-program bond resolution (the 2013 general resolution), and affirmed its '##+' rating, with a stable outlook, on THDA's existing debt, issued under the 2013 general resolution. "If asset-to-liability parity ratios were to increase significantly and if THDA's cash flows were to demonstrate performance we consider commensurate with the '###' rating level, we could raise the rating or revise the outlook to positive," said S&P Global Ratings credit analyst Richard Kubanik. "We, however, could lower the rating or revise the outlook to negative if THDA's parity debt were to decrease further or if delinquencies were to increase substantially." The stable outlook reflects S&P Global Ratings'...

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