S&P Global Ratings assigned its 'AAA' long-term rating to the Virginia Housing Development Authority's (Virginia Housing) $50 million 2023 series C non-AMT, $100 million 2023 series D-taxable, $200 million 2023 series E-I, and $155 million 2023 series E-II non-AMT commonwealth mortgage bonds (CMBs). At the same time, we affirmed our 'AAA' long-term rating and underlying rating (SPUR) on the CMB resolution. The outlook is stable. Bonds issued within the CMB resolution are general obligations of Virginia Housing payable from the revenue, assets, and money pledged under the master indenture on a parity basis with all other obligations outstanding under the master indenture. The bonds are also supported by Virginia Housing's general obligation (GO) pledge (AA+). According to preliminary transaction documents,
