S&P Global Ratings assigned its 'AA+' long-term rating to Tennessee Housing Development Agency's (THDA) residential finance program bonds, issues 2016-2A and 2016-2B, issued under THDA's 2013 General Residential Finance Program Bond Resolution (the 2013 general resolution). Also, S&P Global Ratings affirmed its 'AA+' rating on the other outstanding bonds issued under the 2013 general resolution, all of which are on parity with each other as well as with the issue 2016-2 bonds. The outlook is stable. The rating reflects our view of: Very strong resolution cash flows showing opening asset-liability (A/L) parity of 115.5% and minimum A/L parity of 110.3%; A single-family whole-loan portfolio of very strong credit quality, with approximately 98% of loans (by outstanding balance) either guaranteed by
