Virginia Housing Development Authority Series 2023E-2 And 2024B Commonwealth Mortgage Bonds Rated 'AAA'; Outlook Stable

SAN FRANCISCO (S&P Global Ratings) May 2, 2024--S&P Global Ratings assigned its 'AAA' long-term rating to the Virginia Housing Development Authority's (Virginia Housing) $80 million remarketed 2023 series E non-AMT, subseries E-2 and $160 million 2024 series B taxable 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. Virginia Housing's general obligation pledge (AA+) also supports the bonds. Proceeds of the 2024B bonds and 2023E-2 remarketed

...May 2, 2024 SAN FRANCISCO (S&P Global Ratings) May 2, 2024--S&P Global Ratings assigned its '###' long-term rating to the Virginia Housing Development Authority's (Virginia Housing) $80 million remarketed 2023 series E non-AMT, subseries E-2 and $160 million 2024 series B taxable commonwealth mortgage bonds (CMBs). At the same time, we affirmed our '###' 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. Virginia Housing's general obligation pledge (##+) also supports the bonds. Proceeds of the 2024B bonds and 2023E-2 remarketed bonds will finance mortgage loans, as will other available assets and proceeds of other CMBs. "The rating reflects our view of the program's legal framework, program management and...

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