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. Bonds issued under the 2013 general resolution are special limited obligations paid solely from the revenues and assets of THDA, which include revenue on program loans;
