S&P Global Ratings' long-term rating on the Virginia Housing Development Authority's (Virginia Housing) homeownership mortgage bonds (HMB) resolution is 'AA+'. The outlook is stable. Bonds issued within the HMB resolution are payable from the revenues, 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 the Virginia Housing's general obligation (GO) pledge, which we rate 'AA+'. The 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; Program management and operational risk assessment, which we consider neutral
