This report does not constitute a rating action. In third-quarter 2026, S&P Global Ratings took 82 total rating actions within the U.S. public finance housing sector, which consisted of 17 positive rating actions, 47 affirmations, and 18 new ratings. The 17 positive rating actions, including outlook revisions, consisted of the following: Eight upgrades on rental housing bond (RHB) military housing issuers, with ratings ranging from the ‘BBB+’ to ‘AA’, three outlooks revised to positive from stable; and one rating removed from CreditWatch with negative implications in the military housing subsector; Three upgrades on mobile homes issuers, with ratings ranging from the ‘A-‘ to ‘A+’; and One upgrade on a community development financial institution (CDFI) to ‘AA-‘ from ‘A+’, and one
