Tennessee Housing Development Agency; Single Family Whole Loan

S&P Global Ratings assigned its 'AA+' rating and stable outlook to the proposed $200 million Tennessee Housing Development Agency (THDA) issue 2019-4 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. The rating reflects our opinion of THDA's: Strong resolution cash flow, with a projected Jan. 1, 2020, asset-to-liability (A/L) parity ratio of approximately 109.97% (projected opening and minimum A/L parity); Single-family, whole-loan portfolio of very strong credit quality, with approximately 95% of loans, by balance outstanding, guaranteed by the U.S. government; Sufficient liquid reserves; Very high-quality investments; and

...S&P Global Ratings assigned its '##+' rating and stable outlook to the proposed $200 million Tennessee Housing Development Agency (THDA) issue 2019-4 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. The rating reflects our opinion of THDA's: + Strong resolution cash flow, with a projected Jan. 1, 2020, asset-to-liability (A/L) parity ratio of approximately 109.97% (projected opening and minimum A/L parity); + Single-family, whole-loan portfolio of very strong credit quality, with approximately 95% of loans, by balance outstanding, guaranteed by the U.S. government; + Sufficient liquid reserves; + Very high-quality investments; and + Bond provisions and program management consistent with the rating. We believe these strengths are somewhat offset by...

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