S&P Global Ratings revised its outlook to stable from positive and affirmed its 'AA+' issuer credit rating (ICR) on the Virginia Housing Development Authority (Virginia Housing). The outlook revision is due to the authority's declining equity-to-total assets and net-equity-to-total assets due to increased bond-financed lending and management's strategic decision to increase funding to its Resources Enabling Affordable Community Housing (REACH) Virginia initiative, which provides grants or subsidized rates on mortgage loans for affordable housing projects to assist elderly, disabled, homeless and other low-to-moderate-income persons. . 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
