This report does not constitute a rating action. S&P Global Ratings' issuer credit rating (ICR) on the Virginia Housing Development Authority (Virginia Housing) is 'AA+'. The outlook is stable. 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 the obligation's nature and provision, standing in bankruptcy or liquidation, statutory preferences, or legality and enforceability. Virginia Housing?s asset base has grown steadily over the past 15 years, and key credit ratios are in line with those of similarly rated peers. The authority issues bonds through two primary resolutions--the Commonwealth Mortgage Bonds (CMB) resolution for single-family
