...S&P Global Ratings affirmed its '##' issuer credit rating (ICR) on the Wyoming Community Development Authority (WCDA). The outlook is stable. The rating reflects our view of WCDA's following strengths: + A seven percentage point increase in S&P-adjusted net equity (after projected losses) to total assets in fiscal 2018 from 15.8% in fiscal 2013, indicating a strengthening reserve balance to support general obligation (GO) debt; + Improved asset quality as evidenced by the three percentage point decrease in non-performing assets (NPAs), defined as loans 60-plus days delinquent or in foreclosure, to total loans and real estate owned (REO) at 3.5% in 2018 from 6.5% in 2013; + Increase of mortgage loans receivable of approximately $46.7 million in fiscal 2018 from fiscal 2017, indicating increasing demand for the authority's loan products; and + Extensive and successful track record managing programs, even during difficult circumstances. In our view, partially offsetting the above strengths...
