S&P Global Ratings assigned its 'AAA' long-term rating to the Virginia Housing Development Authority 's (Virginia Housing) $100 million 2026 series J, subseries J-1 (tax-exempt, fixed rate) and $150 million 2026 series K (taxable, fixed rate) commonwealth mortgage bonds (CMBs). At the same time, we affirmed our 'AAA/A-1+' dual rating on Virginia Housing's 2026 CMB series J convertible option bonds (COB). Finally, we affirmed our 'AAA' long-term rating and underlying rating (SPUR) on the authority's outstanding CMB debt. The outlook, where applicable, is stable. NEW YORK (S&P Global Ratings) July 20, 2026--S&P Global Ratings today took the rating actions listed above. The stable outlook reflects our view that overcollateralization, as measured by the minimum A/L parity ratio, will remain sufficient
