Virginia Housing Development Authority Series 2025E Rental Housing Bonds Rated 'AA+'; Outlook Is Stable

S&P Global Ratings assigned its 'AA+' long-term rating to the Virginia Housing Development Authority 's (Virginia Housing) $111.8 million 2025E non-AMT rental housing bonds. At the same time, we affirmed our 'AA+' long-term rating on Virginia Housing's rental housing bond (RHB) resolution. The outlook is stable. ENGLEWOOD (S&P Global Ratings) Sept. 12, 2025--S&P Global Ratings today took the rating actions listed above. In our opinion, the program exhibits opportunities related to social capital given its purpose to invest in affordable housing for the commonwealth's low-to-moderate-income residents through development and preservation of rental housing that aims to address socioeconomic inequities affecting demographic and income trends considered in our market position assessment. We view physical risks as somewhat elevated for the program

...Legal framework No cap Program management and operational risk ##+ Factors constraining the anchor 1 Cash flow analysis Overcollateralization ### Stressed cash flows ### Hedging risk N/A HFA general obligation pledge ##+ Anchor Anchor ##+ Modifiers and holistic analysis Liquidity reserves No modifier Market position No modifier Holistic analysis No modifier Stand-alone credit profile SACP ##+ Other applicable criteria No cap Final Final rating ##+...

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