Virginia Housing Development Authority 2023E-5 And 2025A Bonds Rated 'AAA'

ENGLEWOOD (S&P Global Ratings) Jan. 16, 2025--S&P Global Ratings assigned its 'AAA' long-term rating to the Virginia Housing Development Authority's (Virginia Housing) $75 million remarketed 2023 series E non-AMT, subseries E-5 and $150 million 2025 series A taxable commonwealth mortgage bonds (CMBs). At the same time, we affirmed our 'AAA' long-term rating and underlying rating (SPUR) on the CMB resolution and our 'AAA/A-1+' dual rating. The outlook is stable. "The 'AAA' long-term rating reflects our view of the program's legal framework that links duties of key transaction parties with proper execution of the program in alignment with our criteria, and legal risks that we believe are sufficiently mitigated; neutral program management and operational risk assessment; overcollateralization and cash flow capable

...January 16, 2025 ENGLEWOOD (S&P Global Ratings) Jan. 16, 2025--S&P Global Ratings assigned its '###' long-term rating to the Virginia Housing Development Authority's (Virginia Housing) $75 million remarketed 2023 series E non-AMT, subseries E-5 and $150 million 2025 series A taxable commonwealth mortgage bonds (CMBs). At the same time, we affirmed our '###' long-term rating and underlying rating (SPUR) on the CMB resolution and our '###/A-1+' dual rating. The outlook is stable. "The '###' long-term rating reflects our view of the program's legal framework that links duties of key transaction parties with proper execution of the program in alignment with our criteria, and legal risks that we believe are sufficiently mitigated; neutral program management and operational risk assessment; overcollateralization and cash flow capable of withstanding S&P Global Ratings' projected loss assumptions; sufficient liquidity to cover short-term disruptions in asset cash flows, through the agency's common...

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