S&P Global Ratings' issuer credit rating (ICR) on Utah Housing Corp. (UHC) is 'AA'. The outlook is stable. An ICR reflects the obligor's general creditworthiness, focusing on its capacity and willingness to meet financial commitments when they come due. It does not apply to any specific financial obligation because it does not consider the obligation's nature and provision, standing in bankruptcy or liquidation, statutory preferences, or legality and enforceability. Fiscal 2024 represented another growth year for UHC, as it continued to shift its capital structure from tax-exempt mortgage securities (TEMS) and mortgage-backed securities (MBS) to mortgage revenue bonds (MRBs) and showed an ability to adapt to changing market conditions and diversify its capital sources. UHC sold more than $1 billion
