S&P Global Ratings assigned its 'AA+' long-term rating to the Wyoming Community Development Authority's (WCDA) 2017 series 5 housing revenue bonds. Additionally, WCDA plans on issuing 2017 series 6 (variable-rate) single-family mortgage bonds, secured by the open indenture and a liquidity facility from Federal Home Loan Bank of Des Moines (FHLB), which we will rate separately from this transaction. Finally, S&P Global Ratings affirmed its 'AA+' long-term rating on the bonds previously issued under WCDA's 1994 parity indenture. The 'AA+' long-term rating is based on our view of the following strengths: Strong credit quality of the mortgage loan collateral; Strength of the cash flow runs, with asset-to-liability parity of 133.4% as of July 1, 2017; Very strong reserves that are
