S&P Global Ratings assigned its 'AAA' long-term rating to the Virginia Housing Development Authority 's (Virginia Housing) anticipated $375 million 2026 series H (tax-exempt, fixed rate) and 2026 series I (taxable, fixed rate) commonwealth mortgage bonds (CMBs). At the same time, we assigned our 'AAA/A-1+' dual rating to Virginia Housing's anticipated $206 million 2026 CMB series J (tax-exempt, fixed rate) convertible option bonds (COB) Finally, we affirmed our 'AAA' long-term rating and underlying rating (SPUR) on the authority's outstanding CMB debt. The outlook, where applicable, is stable. NEW YORK (S&P Global Ratings) June 9, 2026— S&P Global Ratings today took the rating actions listed above. The rating incorporates the somewhat elevated physical risks for Virginia given its exposure to rising
