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U.S. Mortgage Revenue Bond Program Medians: Solid Foundations Underpin Strong Credit Quality

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U.S. Mortgage Revenue Bond Program Medians: Solid Foundations Underpin Strong Credit Quality

Overview

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Ratings Are Stable At High Investment-Grade

S&P Global Ratings did not make any rating or outlook changes on MRB programs in the past 12 months, reflecting stability across all 74 ratings, and the median rating remaining unchanged from 2023 at 'AA+'. All MRB program rating outlooks are stable, the same as in 2023. In the past year we withdrew the rating on one program--New Mexico Mortgage Finance Authority single-family general indenture--at the issuer's request.

Chart 1 shows MRB program rating distribution in 2024 as the percentage breakdown between rating categories, including: 'AAA'(18%), 'AA+' (74%), 'AA' (7%), and 'AA-' (1%). One program, a multifamily whole loan program, is rated 'AA-'.

Chart 1

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For the purposes of this report, we have separated program types into two groups: single-family and hybrid programs, and multifamily programs. While certain hybrid programs are a mix of single- and multifamily loans, the vast majority consist of single-family whole loans and single-family mortgage-backed securities (MBS). Single-family and hybrid programs make up 72% of all program ratings, with 21% and 72% of all single-family and hybrid programs having an 'AAA' or 'AA+' rating, respectively, while 81% of multifamily programs carry an 'AA+' rating (see chart 2).

Chart 2

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Credit losses vary by program and rating

Minimum A/L parity reflects the loss coverage that each program can withstand at the highest rating. The median minimum A/L parity across HFA MRB programs was 123% as of Aug. 16, 2024, compared with 122% as of Aug. 21, 2023. The median credit loss for all programs is 4.1%, down slightly from last year's median credit loss of 4.6%. The median net parity after losses (NPAL) was 115.7%, which also improved from last year's median NPAL of 114.5%. Chart 3 shows the MRB program medians for credit losses, A/L parity, and NPAL by rating.

Chart 3

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Single-family and hybrid programs have the lowest median credit loss (3.9%) compared with multifamily programs (9.6%). The primary difference in credit losses between programs stems from recoveries from MBS and single-family government insurance programs, while a low proportion of loans within rated multifamily programs have credit enhancement or guarantees.

We project no credit losses for single-family programs rated 'AA+' that consist primarily of federally enhanced MBS (about 46% of rated MRB programs), because the program rating is the same as the rating on the enhancer (the U.S. government). However, to meet our ratings above the sovereign analysis for 'AAA' rated programs, a higher loss threshold is required for the program to withstand stress scenarios such as stressed interest and reinvestment rates and additional prepayment scenarios.

Our base loss assumptions correspond to the rating scale (i.e., a program must withstand greater losses to achieve a higher rating, all else equal). However, the median loss for programs rated 'AA' and 'AA-' was greater than for those rated 'AA+'. We attribute this trend to some 'AA' and 'AA-' rated programs representing subordinate pledges to which the same nominal loss constitutes a higher percentage of assets. In addition, the increased losses at these lower ratings likely reflect the higher representation of multifamily programs--against which we generally apply more loss, given lower recoveries from insurance and guarantees. In addition, many 'AA+' rated programs have portfolios partially or fully consisting of MBS.

The majority of programs are overcollateralized to withstand our 'AAA' loss levels, but other factors limit the program rating, such as cash flow stress tests (including stressed interest rates or reinvestment rates), program management and operational risks, or dependencies on the HFA issuer credit rating. Of the 'AA' and 'AA-' rated programs, only one could not withstand higher losses, while the remainder of these program ratings reflect subordination, program management and operational risk caps, or liquidity risk.

Dynamic management and low operational risk support MRB program strength

S&P Global Ratings believes HFA's management and oversight of MRB programs largely mitigate program operational or credit risks. Given the general and cohesive strength of management teams, we typically view each aspect of our program management and operational risk assessment as neutral. However, in certain cases we could take a negative view of a particular component if we believe, for example, that counterparty risk is concentrated in a limited number of swap or liquidity providers, or origination and loan monitoring practices are weaker and are leading to higher loan payment delinquencies. We assess the majority of MRB programs as neutral (84%), indicating the program management is strong and operational risk is low, which results in no cap on the anchor. The remaining programs (16%) had one-to-two negative program management or operational risk attributes that cap the anchor in the 'aa' category (see chart 4).

Chart 4

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Twelve programs have negative factors: four multifamily and eight single-family whole loan or MBS programs. Some programs exhibit more than one negative factor.

No programs have negative factors related to liquidity risk management as we view all programs to have reserve investment guidelines sufficient to support liquidity needs and no derivative contracts that introduce liquidity risks.

Chart 5

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Credit Quality For Single-Family Programs Reflected In Improved Year-Over-Year Parity

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Parity analysis between active and inactive programs

A/L parity for single-family programs continued to improve this year, with the median opening and minimum parity ratios for single-family programs at 122.7% and 119.4%, respectively, compared with the median opening and minimum parity ratios of 121.9% and 120.8%, respectively, as of Aug. 31, 2023. The median NPAL improved to 114.5% compared with 109.1% due to lower assumed credit losses, which provides significant support given the high median rating of 'AA+'. Despite issuance volume at a historical high in 2023 due to MRB executions being more economic compared with the to-be-announced market sales, median opening parity increased.

Single-family and hybrid programs that did not issue debt in the past year experienced the largest increases in parity because bond redemptions outpaced mortgage loan prepayments. For programs not issuing debt, median low parity increased to 155% from 134% from August 2023 to August 2024. When comparing these with programs that issued debt in the past year, minimum parity decreased to 115% as of August 2024 from 117% in August 2023, largely reflecting growth in program debt outpacing asset growth. Median NPAL for programs actively issuing debt remained largely stable at 107% versus 106% a year earlier due to lower credit losses propelled by lower weighted-average foreclosure frequency (WAFF) and weighted-average loss severity (WALS).

Foreclosure frequency and high loss severity remain steady

Overall, the median WAFF remained stable near 23.7% compared with 23% the previous year. Foreclosure frequency reflects loan-level and pool characteristics such as loan-to-value (LTV), seasoning, loan type, property type, delinquency status, average FICO score, pool size, and other qualitative factors. The median FICO score remained stable at 691 compared with 694 in 2023, while the median 30-plus-day delinquency rate (including foreclosures) dropped slightly to 7.0% from 7.6%.

The median WALS for single-family whole loan programs is 40.3% compared with 59.4% in 2023, which is an estimate based on LTV cohorts, market value decline assumptions, lost interest, and foreclosure costs. Foreclosure hard costs, which are state-specific, often exceed the program's market loss and interest loss. Our loss-severity calculations consider our view of property over or undervaluation in each state and are generally higher for homes in states that are considered overvalued, given the greater potential for price correction. In "U.S. Home Price Overvaluation Softens As Wage Growth Outpaces Home Price Gains," published April 15, 2024, we indicate that our view of overvalued markets continues to decline, decreasing approximately one percentage point to 14.3% as of fourth-quarter 2023 nationwide, down from 15.6% nationwide based on third-quarter 2023 data. Home price overvaluation depends on geographic location, with 89% of metropolitan statistical areas (MSAs) considered overvalued, with some MSAs overvalued by more than 40% while others remain undervalued by as much as 20%.

For most HFA programs, including those where loss severity is higher than the median, mortgage insurance and guarantee recoveries significantly offset higher foreclosure frequency and loss-severity assumptions. Lower loss severity could also, in part, reflect a higher proportion of MBS to whole loans, which increased to a median of 75% of single-family program assets compared with 57% and 39% of single-family program assets in 2022 and 2021, respectively.

Delinquency rates fluctuate

Across all single-family whole loan programs, the median 30-plus-day single-family delinquency rate increased to 6.3%, not including foreclosures, from 5.2% between 2023 and 2024. The change was mainly attributed to 30-59-day delinquency rates that increased to 4.1% from 3.6%. We evaluate median delinquencies in the following cohorts: 30-59 days (4.1%), 60-89 days (1.2%), 90-119 days (0.7%), and loans 120-plus days or in foreclosure (0.7%). The 1.4% of seriously delinquent loans (90 days through foreclosure) was consistent with the national rate for all loans as of second-quarter 2024, but lower than the 3.2% Mortgage Bankers' Assn. national rate for Federal Housing Administration loans.

Table 1

MRB program summary--Single-family and hybrid
Mean Median
Credit quality
Average loan maturity (years) 24.5 25.2
Weighted average mortgage rate (%) 4.0 4.3
Delinquent loans - 30-59 days (%) 3.9 4.1
Delinquent loans - 60-89 days (%) 1.3 1.2
Delinquent loans - 90-119 days (%) 1.0 0.7
Delinquent loans - 120+ days or in foreclosure (%) 1.2 0.7
Weighted average FICO* 687.0 691.0
30-year fixed rate loans (% of total portfolio balance) 98.1 100.0
Loans with balloon payments (% of total portfolio balance) 1.3 --
Loans with other terms (% of total portfolio balance) 0.5 --
Single-family residences (% of total portfolio balance) 87.8 89.6
2-4 family residences (% of total portfolio balance) 2.1 --
Condo or cooperative apartment (owner-occupied) (% of total portfolio balance) 6.4 2.6
Other property type (% of total portfolio balance) 3.0 0.1
Loan seasoning < 5 Years (% of total portfolio balance) 44.0 54.1
Loan seasoning 5-10 Years (% of total portfolio balance) 22.1 18.1
Loan seasoning 10+ Years (% of total portfolio balance) 30.6 16.0
*FICO--Fair Isaac Corporation.

Multifamily Programs Are Stable Year-Over-Year, Reversing A Multiyear Trend

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Reversing a three-year, declining trend, multifamily loan portfolios' median opening A/L parity remained stable at 128% and NPAL remained stable at 117.5% compared with 116.5% in 2023. Post-pandemic, HFAs used program equity to close financing gaps for multifamily deals as rising interest rates made these transactions more expensive and difficult to execute. Despite increased multifamily issuance in 2023 (up 6% compared with 2022), HFAs met program demand while maintaining strong program asset quality and overcollateralization.

Multifamily loan portfolios trend toward lower risk, helping stabilize program credit quality

HFA multifamily loan credit quality remained stable, with consistency in the median base credit loss at 1.1x year-over-year. The 1.1x metric reflects slightly higher-than-typical risks for HFA loans, whereas 1.0x would reflect typical risks. The median proportion of lower-than-typical risk loans rose to 26% from 25% due to loans with strong performance and debt service coverage (DSC), low LTVs, high occupancy, and typical loan structures. The median percentage of typical risk loans also increased to 38% from 32%, and the median of higher-than-typical risk loans (those that are underperforming or with low DSC, nonreporting loans, watch-list loans, and loans with low or declining occupancy and high LTVs) dropped significantly to 26% from 36%. The median credit loss for multifamily programs is stable at 9.6% compared with 9.4% the previous year.

Table 2

MRB program summary--Multifamily
Mean Median
Credit quality*
Base Credit Loss Multiplier 1.1 1.1
Lower-than-typical risk loans (% of portfolio) (%) 32.6 26.8
Typical risk loans (% of portfolio) (%) 39.3 38.1
Higher-than-typical risk loans (% of portfolio) (%) 28.2 25.6
Concentration Multiplier 1.9 1.4
*Includes multifamily loans in hybrid programs.

HFAs Are Poised To Navigate Changing Market Conditions

With MRB executions continuing to hold an economic advantage compared with secondary market executions, we believe single-family and hybrid programs will continue to fund their missions through issuing debt, which will likely lead to declining median parity for active issuers. However, we do not expect material deterioration in credit quality from this decrease and believe management teams will implement measures to balance mission and robust financial positions. In addition, we believe downpayment assistance programs will continue to boost single-family loan production as home prices remain high. We will monitor the potential for upticks in delinquency rates as our forecast for economic growth shows modest slowing with a gradual increase in unemployment, which together could create additional pressure on incomes and mortgage loan repayment.

Appendix: MRB Program Information

Table 3

MRB program rating summary
Cash flow analysis Modifiers and holistic analysis
Program name Legal framework Program management and operational risk O/C Stressed cash flows Hedging risk HFA general obligation pledge Anchor Liquidity reserves Market position Holistic analysis SACP Other applicable criteria cap Final rating
Multifamily whole loan programs
California Housing Finance Agency, Affordable Housing Revenue Bonds No cap No cap aaa aaa N/A N/A aaa Worsen by 2 N.M. N.M. aa No cap AA
Colorado Housing & Finance Authority, Federally Insured Multi-Family Housing Loan Program Pass-Through Revenue Bonds No cap No cap GE/GSE rating aa+ N/A N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
Colorado Housing & Finance Authority, Multifamily/Project Bonds Class I No cap No cap aaa aaa No cap No floor aaa N.M. N.M. N.M. aaa aaa AAA
Colorado Housing & Finance Authority, Multifamily/Project Bonds Class II No cap No cap aaa aaa No cap No floor aaa N.M. N.M. Worsen by 1 aa+ No cap AA+
Connecticut Housing Finance Authority, Multifamily Special Obligation Bonds (NIBP) No cap No cap aaa aaa N/A N/A aaa N.M. N.M. Worsen by 1 aa+ No cap AA+
District of Columbia Hsg Fin Agency, FHA-Insured Pass-Through Revenue Refunding Bonds No cap No cap aa+ N/A N/A N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
Iowa Finance Authority, Multifamily Housing Bonds No cap No cap aaa aa+ No cap aa+ aa+ N.M. N.M. N.M. aa+ No cap AA+
Massachusetts Housing Finance Agency, Rental Development Pass-Through Revenue Bonds (FHA Insured, 2014B Indenture) No cap No cap aaa N/A N/A N/A aaa N.M. N.M. Worsen by 1 aa+ No cap AA+
Massachusetts Housing Finance Agency, Housing Bonds No cap aa+ aaa aa+ No cap N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
Michigan State Housing Development Authority, Rental Housing Revenue Bonds No cap aa+ aaa aaa No cap aa- aa+ N.M. N.M. N.M. aa+ No cap AA+
Minnesota Housing Finance Agency, Rental Housing Bonds No cap No cap aaa aaa N/A aa+ aaa N.M. N.M. N.M. aaa aaa AAA
Missouri Housing Development Commission, Multifamily Housing Revenue Bonds (FHA-Insured, 2014 Indenture) No cap No cap aaa aa+ N/A N/A aa+ Worsen by 1 N.M. Improved by 1 aa+ No cap AA+
Missouri Housing Development Commission, Multifamily Housing Revenue Bonds (FHA-Insured, 2000 Indenture) No cap No cap aaa aa+ N/A N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
New Jersey Housing & Mortgage Finance Agency, Multi-Family Revenue Bonds (2004 Resolution) No cap aa- aaa aa+ No cap N/A aa- N.M. N.M. N.M. aa- No cap AA-
New York City Housing Development Corporation, Multi-Family Housing Revenue Bonds (Federal New Issue Bond Program, 2009-1) No cap No cap aaa aa+ N/A N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
New York City Housing Development Corporation, Multi-Family Housing Revenue Bonds (Federal New Issue Bond Program, 2009-2) No cap No cap aaa aa+ N/A N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
New York City Housing Development Corporation, Multi-Family Housing Pass-Through Revenue Bonds (2014A Indenture) No cap No cap aaa aa+ N/A N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
New York City Housing Development Corporation, Multi-Family Housing Revenue Bonds No cap No cap aaa aa+ No cap N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
New York City Housing Development Corporation, Multi-Family Housing Revenue Bonds (Insured Mortgage Loan Pass-Through, 2017) No cap No cap aaa aa+ N/A N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
Virginia Housing Development Authority, Rental Housing Bonds No cap aa+ aaa aaa N/A aa+ aa+ N.M. N.M. N.M. aa+ No cap AA+
Wisconsin Housing & Economic Development Authority, Housing Revenue Bonds No cap No cap aaa aa+ No cap aa aa+ N.M. N.M. N.M. aa+ No cap AA+
Hybrid programs
Colorado Housing & Finance Authority, Single Family Mortgage Bonds Class I No cap No cap aaa aaa No cap No floor aaa N.M. N.M. N.M. aaa aaa AAA
Colorado Housing & Finance Authority, Single Family Mortgage Bonds Class II No cap No cap aaa aaa No cap No floor aaa N.M. N.M. Worsen by 1 aa+ No cap AA+
Colorado Housing & Finance Authority, Single Family Mortgage Bonds Class III No cap No cap aa+ aaa No cap aa- aa+ N.M. N.M. Worsen by 1 aa No cap AA
Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds No cap No cap aaa aaa aaa Not rated aaa N.M. N.M. N.M. aaa aaa AAA
Illinois Housing Development Authority, Home Mortgage Revenue Bonds No cap No cap aaa aa+ No cap N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
Illinois Housing Development Authority, Housing Bonds No cap No cap aaa aa+ No cap aa aa+ N.M. N.M. N.M. aa+ No cap AA+
Kentucky Housing Corporation, Housing Revenue Bonds No cap No cap aaa aaa No cap N/A aaa N.M. N.M. N.M. aaa aaa AAA
Maine State Housing Authority, Mortgage Purchase Bonds No cap No cap aaa aa+ aa+ N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
Massachusetts Housing Finance Agency, Single-Family Housing Revenue Bonds No cap No cap aaa aa+ No cap N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
Minnesota Housing Finance Agency, Residential Housing Finance Bonds No cap No cap aaa aa+ aa+ aa+ aa+ N.M. N.M. N.M. aa+ No cap AA+
North Carolina Housing Finance Agency, Homeownership Revenue Bonds (1998 Trust Agreement) No cap No cap aaa aa+ No cap N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bonds No cap No cap aaa aa+ No cap N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
South Dakota Housing Development Authority, Homeownership Mortgage Bonds No cap No cap aaa aaa No cap N/A aaa N.M. N.M. N.M. aaa aaa AAA
Tennessee Hsg Dev Agy, TN Residential Finance Program Bonds No cap No cap aaa aaa N/A N/A aaa N.M. N.M. Worsen by 1 aa+ No cap AA+
Virginia Housing Development Authority, Commonwealth Mortgage Bonds No cap No cap aaa aaa N/A aa+ aaa N.M. N.M. N.M. aaa aaa AAA
West Virginia Housing Development Fund, Housing Finance Bonds No cap No cap aaa aaa N/A aaa aaa N.M. N.M. N.M. aaa aaa AAA
Wisconsin Housing & Economic Development Authority, Home Ownership Revenue Bonds (1987 Resolution) No cap No cap GE/GSE rating aa+ No cap aa aa+ N.M. N.M. N.M. aa+ No cap AA+
Wisconsin Housing & Economic Development Authority, Home Ownership Revenue Bonds (1988 Resolution) No cap No cap GE/GSE rating aa+ No cap aa aa+ N.M. N.M. N.M. aa+ No cap AA+
Single-family MBS programs
Arkansas Development Finance Authority, Single Family Mortgage Revenue Bonds No cap No cap GE/GSE rating aaa N/A N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
District of Columbia Hsg Fin Agency, Collateralized Single Family Mortgage Revenue Bonds No cap No cap GE/GSE rating aa+ N/A N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
Hawaii Housing Finance & Community Development Corporation, Single Family Mortgage Purchase Revenue Bonds No cap aa+ GE/GSE rating N/A N/A N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
Idaho Housing & Finance Association, Tax Exempt Mortgage-backed Securities (TEMS) No cap No cap aaa N/A N/A N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
Idaho Housing & Finance Association, Home Ownership Mortgage-backed Exempt Securities (HOMES) No cap No cap aaa N/A N/A N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
Iowa Finance Authority, Single Family Mortgage Bonds No cap No cap aaa aaa No cap aa+ aaa N.M. N.M. N.M. aaa aaa AAA
Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) No cap No cap GE/GSE rating aa+ N/A N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds (Special Homeownership Loan Program) No cap No cap aaa aa+ N/A N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
Nebraska Invest Fin Auth, Single Family Housing Revenue Bonds No cap No cap aaa aaa No cap N/A aaa N.M. N.M. N.M. aaa aaa AAA
Nevada Housing Division, Single-Family Mortgage Revenue Bonds No cap No cap GE/GSE rating aa+ N/A N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I Bonds (NIBP) No cap No cap aa+ aa+ N/A N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
Texas Dept of Hsg & Comnty Affairs, TX Residential Mortgage Revenue Bonds No cap No cap GE/GSE rating aa+ N/A N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
Texas Dept of Hsg & Comnty Affairs, TX Single Family Mortgage Revenue Bonds, Tier 1 No cap No cap aaa aa+ aa+ N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
Texas Dept of Hsg & Comnty Affairs, TX Single Family Mortgage Revenue Bonds, Tier 2 No cap No cap aaa aa+ aa+ N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
Utah Housing Corporation, Home Ownership Mortgage-backed Exempt Securities (HOMES) No cap No cap aa+ N/A N/A N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
Utah Housing Corporation, Tax Exempt Mortgage-backed Securities (TEMS) No cap No cap aa+ N/A N/A N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
Wisconsin Housing & Economic Development Authority, Home Ownership Mortgage Revenue Bonds (NIBP) No cap No cap GE/GSE rating aa+ N/A aa aa+ N.M. N.M. N.M. aa+ No cap AA+
Single-family whole loan programs
Alaska Housing Finance Corporation, Collateralized Veterans Mortgage Program No cap No cap aaa aaa N/A aa+ aaa N.M. N.M. N.M. aaa aaa AAA
Alaska Housing Finance Corporation, General Mortgage Revenue Bonds II No cap No cap aaa aa+ N/A aa+ aa+ N.M. N.M. N.M. aa+ No cap AA+
Alaska Housing Finance Corporation, Governmental Purpose Bonds No cap aa+ aaa aa+ No cap aa+ aa+ N.M. N.M. N.M. aa+ No cap AA+
Alaska Housing Finance Corporation, Home Mortgage Revenue Bonds No cap aa+ aaa aa+ aa+ aa+ aa+ N.M. N.M. N.M. aa+ No cap AA+
California Department of Veterans Affairs, Home Purchase Revenue Bonds No cap aa+ aaa aa+ N/A N/A aa+ N.M. N.M. Worsen by 1 aa No cap AA
California Department of Veterans Affairs, Veterans General Obligation Bonds No cap aa+ aaa aa+ N/A Not rated aa+ N.M. N.M. N.M. aa+ No cap AA+
Georgia Hsg and Fin Authority, Single Family Mortgage Bonds No cap No cap aaa aaa N/A Not rated aaa N.M. N.M. N.M. aaa aaa AAA
Michigan State Housing Development Authority, Single-Family Mortgage Revenue Bonds No cap aa+ aa+ aa+ No cap aa- aa+ N.M. N.M. N.M. aa+ No cap AA+
Montana Brd of Hsg, Single Family Mortgage Bonds No cap No cap aaa aa+ N/A Not rated aa+ N.M. N.M. N.M. aa+ No cap AA+
Montana Brd of Hsg, Single Family Program Bonds No cap No cap aaa aa+ N/A Not rated aa+ N.M. N.M. N.M. aa+ No cap AA+
New Jersey Housing & Mortgage Finance Agency, Single Family Housing Revenue Bonds No cap aa aaa aa+ N/A N/A aa N.M. N.M. N.M. aa No cap AA
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds No cap No cap aaa aa+ No cap aa- aa+ N.M. N.M. N.M. aa+ No cap AA+
Utah Housing Corporation, Single Family Mortgage Bonds (2000 Indenture) Class III No cap aa b- aaa N/A aa aa N.M. N.M. N.M. aa No cap AA
Utah Housing Corporation, Single Family Mortgage Bonds (NIBP) Class I No cap No cap aaa aaa N/A No floor aaa N.M. N.M. N.M. aaa aaa AAA
Utah Housing Corporation, Single Family Mortgage Bonds (NIBP) Class II No cap No cap aaa aaa N/A No floor aaa N.M. N.M. Worsen by 1 aa+ No cap AA+
Utah Housing Corporation, Single Family Mortgage Bonds (NIBP) Class III No cap No cap aaa aaa N/A aa aaa N.M. N.M. Worsen by 1 aa+ No cap AA+
Virginia Housing Development Authority, Homeownership Bonds (NIBP) No cap No cap aaa N/A N/A aa+ aaa N.M. N.M. Worsen by 1 aa+ No cap AA+
Wyoming Community Development Authority, Housing Revenue Bonds No cap No cap aaa aa+ No cap N/A aa+ N.M. N.M. N.M. aa+ No cap AA+
O/C--Overcollateralization. N/A--Not applicable. N.M.--No modifier.

Table 4  |  View Expanded Table

MRB program summary and assumptions--Multifamily programs*
--Program assets (% of balance)--
Program name Final rating Data as of Multifamily whole loans Multifamily MBS or federally enhanced pass-through loans Other loans Fixed rate debt (% of balance) Variable-rate debt (% of total debt outstanding) Hedged variable-rate debt (% of total debt outstanding) Unhedged variable-rate debt (% of balance)
California Housing Finance Agency, Affordable Housing Revenue Bonds AA June 1, 2024 100.0 -- -- 100.0 -- -- --
Colorado Housing & Finance Authority, Federally Insured Multi-Family Housing Loan Program Pass-Through Revenue Bonds AA+ March 1, 2024 100.0 -- -- 100.0 -- -- --
Colorado Housing & Finance Authority, Multifamily/Project Bonds Class I AAA Aug. 1, 2024 95.1 -- 4.9 49.4 50.6 49.3 1.4
Colorado Housing & Finance Authority, Multifamily/Project Bonds Class II AA+ Aug. 1, 2024 95.1 -- 4.9 49.4 50.6 49.3 1.4
Connecticut Housing Finance Authority, Multifamily Special Obligation Bonds (NIBP) AA+ April 1, 2024 100.0 -- -- 100.0 -- -- --
District of Columbia Hsg Fin Agency, FHA-Insured Pass-Through Revenue Refunding Bonds AA+ Feb. 1, 2024 100.0 -- -- 100.0 -- -- --
Iowa Finance Authority, Multifamily Housing Bonds AA+ March 1, 2024 100.0 -- -- 28.5 71.6 28.5 43.1
Massachusetts Housing Finance Agency, Rental Development Pass-Through Revenue Bonds (FHA Insured, 2014B Indenture) AA+ March 1, 2024 100.0 -- -- 100.0 -- -- --
Massachusetts Housing Finance Agency, Housing Bonds AA+ July 1, 2024 100.0 -- -- 93.6 6.4 2.1 4.3
Michigan State Housing Development Authority, Rental Housing Revenue Bonds AA+ Aug. 1, 2024 100.0 -- -- 80.7 19.3 7.4 11.9
Minnesota Housing Finance Agency, Rental Housing Bonds AAA July 1, 2024 100.0 -- -- 100.0 -- -- --
Missouri Housing Development Commission, Multifamily Housing Revenue Bonds (FHA-Insured, 2014 Indenture) AA+ Feb. 1, 2024 100.0 -- -- 100.0 -- -- --
Missouri Housing Development Commission, Multifamily Housing Revenue Bonds (FHA-Insured, 2000 Indenture) AA+ Jan. 1, 2024 -- 100.0 -- 100.0 -- -- --
New Jersey Housing & Mortgage Finance Agency, Multi-Family Revenue Bonds (2004 Resolution) AA- Dec. 1, 2023 100.0 -- -- 86.6 13.4 13.4 --
New York City Housing Development Corporation, Multi-Family Housing Revenue Bonds (Federal New Issue Bond Program, 2009-1) AA+ March 1, 2024 26.4 73.6 -- 100.0 -- -- --
New York City Housing Development Corporation, Multi-Family Housing Revenue Bonds (Federal New Issue Bond Program, 2009-2) AA+ March 1, 2024 -- 100.0 -- 100.0 -- -- --
New York City Housing Development Corporation, Multi-Family Housing Pass-Through Revenue Bonds (2014A Indenture) AA+ March 1, 2024 100.0 -- -- 100.0 -- -- --
New York City Housing Development Corporation, Multi-Family Housing Revenue Bonds AA+ June 1, 2024 100.0 -- -- 82.6 17.4 15.0 2.4
New York City Housing Development Corporation, Multi-Family Housing Revenue Bonds (Insured Mortgage Loan Pass-Through, 2017) AA+ March 1, 2024 100.0 -- -- 100.0 -- -- --
Virginia Housing Development Authority, Rental Housing Bonds AA+ July 1, 2024 100.0 -- -- 100.0 -- -- --
Wisconsin Housing & Economic Development Authority, Housing Revenue Bonds AA+ Dec. 1, 2023 100.0 -- -- 80.3 19.7 9.0 10.8
*Includes data on multifamily loans in hybrid programs. N.A.--Not available.

Table 5  |  View Expanded Table

MRB program summary and assumptions--Single-family and hybrid programs
--Program assets (as % of balance)-- --Debt profile--
Program name Final rating Data as of Single-family whole loans Single-family MBS Single-family subordinate loans Other loans Multifamily whole loans Multifamily MBS or federally enhanced pass-through loans Fixed rate debt (% of balance) Variable-rate debt (% of total debt outstanding) Hedged variable-rate debt (% of variable-rate debt outstanding) Unhedged variable-rate debt (% of variable-rate debt outstanding) Total loan balance ($000)
Hybrid programs
Colorado Housing & Finance Authority, Single Family Mortgage Bonds Class I AAA July 1, 2024 6.4 89.9 3.7 - - - 71.2 28.8 26.1 2.7 3,755,686.5
Colorado Housing & Finance Authority, Single Family Mortgage Bonds Class II AA+ July 1, 2024 6.4 89.9 3.7 - - - 71.2 28.8 26.1 2.7 3,755,686.5
Colorado Housing & Finance Authority, Single Family Mortgage Bonds Class III AA July 1, 2024 6.4 89.9 3.7 - - - 71.2 28.8 26.1 2.7 3,755,686.5
Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds AAA May 1, 2024 24.7 50.0 - 0.6 24.6 - 69.5 30.5 19.8 10.7 5,193,459.8
Illinois Housing Development Authority, Home Mortgage Revenue Bonds AA+ July 1, 2024 25.5 74.5 - - - - 65.9 34.1 19.8 14.3 135,170.7
Illinois Housing Development Authority, Housing Bonds AA+ July 1, 2024 3.1 - 0.8 - 96.2 - 67.5 32.5 17.4 15.1 58,529.7
Kentucky Housing Corporation, Housing Revenue Bonds AAA April 1, 2024 94.7 - - - 5.3 - 43.4 56.6 - 56.6 255,592.2
Maine State Housing Authority, Mortgage Purchase Bonds AA+ July 1, 2024 63.5 - - - 36.5 - 85.1 14.9 10.9 4.0 1,894,658.8
Massachusetts Housing Finance Agency, Single-Family Housing Revenue Bonds AA+ April 1, 2024 71.2 27.2 1.6 - - - 92.7 7.3 4.6 2.7 1,489,763.6
Minnesota Housing Finance Agency, Residential Housing Finance Bonds AA+ Aug. 1, 2024 5.7 93.3 1.1 - - - 81.1 18.9 18.0 0.9 3,262,058.7
North Carolina Housing Finance Agency, Homeownership Revenue Bonds (1998 Trust Agreement) AA+ May 1, 2024 13.2 86.8 - - - - 98.1 1.9 1.9 - 2,741,832.1
Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bonds AA+ June 1, 2024 20.6 75.9 3.5 0.1 - - 93.1 6.9 6.9 - 1,569,924.3
South Dakota Housing Development Authority, Homeownership Mortgage Bonds AAA Aug. 1, 2024 6.6 93.4 - - - - 84.1 15.9 2.2 13.7 1,526,692.8
Tennessee Hsg Dev Agy, TN Residential Finance Program Bonds AA+ May 1, 2024 96.5 3.5 - - - - 100.0 - - - 3,769,223.9
Virginia Housing Development Authority, Commonwealth Mortgage Bonds AAA July 1, 2024 85.9 14.1 - - - - 100.0 - - - 2,320,612.4
West Virginia Housing Development Fund, Housing Finance Bonds AAA May 1, 2024 96.1 - - - 3.9 - 100.0 - - - 1,030,126.6
Wisconsin Housing & Economic Development Authority, Home Ownership Revenue Bonds (1987 Resolution) AA+ May 1, 2024 12.2 87.8 - - - - 71.3 28.7 23.8 4.9 624,952.7
Wisconsin Housing & Economic Development Authority, Home Ownership Revenue Bonds (1988 Resolution) AA+ May 1, 2024 24.8 75.2 - - - - 60.7 39.3 23.1 16.2 377,966.8
Single-family MBS programs
Arkansas Development Finance Authority, Single Family Mortgage Revenue Bonds AA+ July 1, 2024 - 100.0 - - - - 100.0 - - - 73,680.6
District of Columbia Hsg Fin Agency, Collateralized Single Family Mortgage Revenue Bonds AA+ April 1, 2024 - 100.0 - - - - 100.0 - - - 6,299.7
Hawaii Housing Finance & Community Development Corporation, Single Family Mortgage Purchase Revenue Bonds AA+ Feb.1, 2024 - 100.0 - - - - 100.0 - - - 16,418.0
Idaho Housing & Finance Association, Tax Exempt Mortgage-backed Securities (TEMS) AA+ Jan. 1, 2024 - 100.0 - - - - 100.0 - - - 169,130.0
Idaho Housing & Finance Association, Home Ownership Mortgage-backed Exempt Securities (HOMES) AA+ Jan. 1, 2024 - 100.0 - - - - 100.0 - - - 17,432.5
Iowa Finance Authority, Single Family Mortgage Bonds AAA July 1, 2024 - 97.3 2.7 - - - 84.3 15.7 13.2 2.5 1,512,398.8
Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) AA+ July 1, 2024 - 100.0 - - - - 100.0 - - - 1,900,594.7
Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds (Special Homeownership Loan Program) AA+ Dec. 1, 2023 - 100.0 - - - - 100.0 - - - 40,031.6
Nebraska Invest Fin Auth, Single Family Housing Revenue Bonds AAA July 1, 2024 - 100.0 - - - - 80.9 19.1 14.9 4.3 2,175,547.3
Nevada Housing Division, Single-Family Mortgage Revenue Bonds AA+ April 1, 2024 - 100.0 - - - - 100.0 - - - 648,456.0
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I Bonds (NIBP) AA+ Feb. 1, 2024 - 100.0 - - - - 100.0 - - - 9,559.2
Texas Dept of Hsg & Comnty Affairs, TX Residential Mortgage Revenue Bonds AA+ May 1, 2024 - 100.0 - - - - 100.0 - - - 1,519,400.0
Texas Dept of Hsg & Comnty Affairs, TX Single Family Mortgage Revenue Bonds, Tier 1 AA+ Nov. 1, 2023 - 100.0 - - - - 100.0 - - - 840,934.8
Texas Dept of Hsg & Comnty Affairs, TX Single Family Mortgage Revenue Bonds, Tier 2 AA+ Nov. 1, 2023 - 100.0 - - - - 100.0 - - - 840,934.8
Utah Housing Corporation, Home Ownership Mortgage-backed Exempt Securities (HOMES) AA+ Feb. 1, 2024 - 100.0 - - - - 100.0 - - - 25,646.7
Utah Housing Corporation, Tax Exempt Mortgage-backed Securities (TEMS) AA+ Sept. 9, 2024 - 100.0 - - - - 100.0 - - - 1,166,104.5
Wisconsin Housing & Economic Development Authority, Home Ownership Mortgage Revenue Bonds (NIBP) AA+ April 1, 2024 - 100.0 - - - - 100.0 - - - 46,578.8
Single-family whole loan programs -
Alaska Housing Finance Corporation, General Mortgage Revenue Bonds II AA+ Jan. 1, 2024 100.0 - - - - - 100.0 - - - 993,222.9
Alaska Housing Finance Corporation, Governmental Purpose Bonds AA+ Feb. 1, 2024 100.0 - - - - - - 100.0 55.0 45.0 156,376.2
Alaska Housing Finance Corporation, Home Mortgage Revenue Bonds AA+ Dec. 1, 2023 100.0 - - - - - - 100.0 100.0 - 656,414.3
California Department of Veterans Affairs, Home Purchase Revenue Bonds AA Jan. 1, 2024 100.0 - - - - - 100.0 - - - 851,386.2
California Department of Veterans Affairs, Veterans General Obligation Bonds AA+ Jan. 1, 2024 100.0 - - - - - 100.0 - - - 922,859.8
Georgia Hsg and Fin Authority, Single Family Mortgage Bonds AAA May 1, 2024 97.7 - 2.3 - - - 100.0 - - - 1,343,061.0
Michigan State Housing Development Authority, Single-Family Mortgage Revenue Bonds AA+ Feb. 1, 2024 94.4 - 5.6 - - - 81.4 18.6 9.8 8.8 3,191,355.5
Montana Brd of Hsg, Single Family Mortgage Bonds AA+ April 1, 2024 100.0 - - - - - 100.0 - - - 511,935.8
Montana Brd of Hsg, Single Family Program Bonds AA+ Jan. 1, 2024 100.0 - - - - - 100.0 - - - 483,730.8
New Jersey Housing & Mortgage Finance Agency, Single Family Housing Revenue Bonds AA April 1, 2024 100.0 - - - - - 100.0 - - - 1,210,279.9
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds AA+ July 1, 2024 100.0 - - - - - 97.7 2.3 2.3 - 5,452,057.5
Utah Housing Corporation, Single Family Mortgage Bonds (2000 Indenture) Class III AA Feb. 1, 2024 100.0 - - - - - 100.0 - - - 131.8
Utah Housing Corporation, Single Family Mortgage Bonds (NIBP) Class I AAA Feb. 1, 2024 100.0 - - - - - 100.0 - - - 14,236.7
Utah Housing Corporation, Single Family Mortgage Bonds (NIBP) Class II AA+ Feb. 1, 2024 100.0 - - - - - 100.0 - - - 14,236.7
Utah Housing Corporation, Single Family Mortgage Bonds (NIBP) Class III AA+ Feb. 1, 2024 100.0 - - - - - 100.0 - - - 14,236.7
Virginia Housing Development Authority, Homeownership Bonds (NIBP) AA+ Jan. 1, 2024 99.8 - 0.2 - - - 100.0 - - - 101,702.4
Wyoming Community Development Authority, Housing Revenue Bonds AA+ May 1, 2024 97.7 - 2.3 - - - 85.9 14.1 13.2 0.9 861,843.5
*May be reflective of single-family whole loans only, if applicable. HOMES--Home ownership mortgage-backed Exempt securities. N/A--Not applicable. N.A.--Not available. NIBP--New Issue Bond Program. SFWL--Single-family whole loans. SFMBS--Single-family mortgage-backed securities. TEMS--Tax-exempt mortgage-backed securities

Table 6

MRB program cash flow analysis
Program name Final rating Opening parity ratio (%) Minimum parity ratio (%) Total projected credit loss (%)* Loss/liabilities (%) Net asset/liability parity, after losses (%)
Hybrid programs
Colorado Housing & Finance Authority, Single Family Mortgage Bonds Class I AAA 130.8 125.2 3.9 4.8 120.4
Colorado Housing & Finance Authority, Single Family Mortgage Bonds Class II AA+ 113.0 111.1 3.9 4.3 106.8
Colorado Housing & Finance Authority, Single Family Mortgage Bonds Class III AA 105.0 104.9 3.9 4.3 100.6
Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds AAA 124.0 122.6 5.6 6.3 116.3
Illinois Housing Development Authority, Home Mortgage Revenue Bonds AA+ 149.0 126.9 3.1 3.5 123.3
Illinois Housing Development Authority, Housing Bonds AA+ 269.0 231.8 14.9 13.2 218.6
Kentucky Housing Corporation, Housing Revenue Bonds AAA 242.0 241.7 1.0 1.3 240.4
Maine State Housing Authority, Mortgage Purchase Bonds AA+ 117.0 115.0 7.8 8.0 107.0
Massachusetts Housing Finance Agency, Single-Family Housing Revenue Bonds AA+ 115.0 113.4 8.6 8.9 104.6
Minnesota Housing Finance Agency, Residential Housing Finance Bonds AA+ 106.0 103.4 2.5 2.5 100.9
North Carolina Housing Finance Agency, Homeownership Revenue Bonds (1998 Trust Agreement) AA+ 123.0 114.6 5.1 5.7 108.9
Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bonds AA+ 116.0 110.7 6.1 5.8 104.9
South Dakota Housing Development Authority, Homeownership Mortgage Bonds AAA 126.0 119.4 4.2 4.4 115.0
Tennessee Hsg Dev Agy, TN Residential Finance Program Bonds AA+ 114.0 109.7 5.4 5.8 103.9
Virginia Housing Development Authority, Commonwealth Mortgage Bonds AAA 269.0 165.3 12.1 18.7 146.5
West Virginia Housing Development Fund, Housing Finance Bonds AAA 164.0 163.6 9.2 15.0 148.6
Wisconsin Housing & Economic Development Authority, Home Ownership Revenue Bonds (1987 Resolution) AA+ 125.0 124.1 2.8 2.7 121.4
Wisconsin Housing & Economic Development Authority, Home Ownership Revenue Bonds (1988 Resolution) AA+ 181.0 129.0 4.1 2.7 126.4
Single-family MBS programs
Arkansas Development Finance Authority, Single Family Mortgage Revenue Bonds AA+ 6,887.0 196.4 -- -- 196.4
District of Columbia Hsg Fin Agency, Collateralized Single Family Mortgage Revenue Bonds AA+ 5,545.0 5,544.7 -- -- 5,544.7
Hawaii Housing Finance & Community Development Corporation, Single Family Mortgage Purchase Revenue Bonds AA+ 1,199.0 1,198.7 -- -- 1,198.7
Idaho Housing & Finance Association, Tax Exempt Mortgage-backed Securities (TEMS) AA+ 100.0 100.0 -- -- 100.0
Idaho Housing & Finance Association, Home Ownership Mortgage-backed Exempt Securities (HOMES) AA+ 100.0 100.0 -- -- 100.0
Iowa Finance Authority, Single Family Mortgage Bonds AAA 113.0 109.8 4.6 5.0 104.9
Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds (First Place Homeownership Loan Program) AA+ 108.0 104.8 -- -- 104.8
Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds (Special Homeownership Loan Program) AA+ 162.0 162.4 0.8 1.2 161.1
Nebraska Invest Fin Auth, Single Family Housing Revenue Bonds AAA 126.0 117.3 2.3 2.6 114.7
Nevada Housing Division, Single-Family Mortgage Revenue Bonds AA+ 105.0 100.9 -- -- 100.9
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Class I Bonds (NIBP) AA+ 109.0 107.0 -- -- 107.1
Texas Dept of Hsg & Comnty Affairs, TX Residential Mortgage Revenue Bonds AA+ 103.0 102.2 -- -- 102.2
Texas Dept of Hsg & Comnty Affairs, TX Single Family Mortgage Revenue Bonds, Tier 1 AA+ 109.0 105.1 -- -- 105.1
Texas Dept of Hsg & Comnty Affairs, TX Single Family Mortgage Revenue Bonds, Tier 2 AA+ 105.0 102.6 -- -- 102.6
Utah Housing Corporation, Home Ownership Mortgage-backed Exempt Securities (HOMES) AA+ 100.0 100.0 -- -- 100.0
Utah Housing Corporation, Tax Exempt Mortgage-backed Securities (TEMS) AA+ 100.0 100.0 -- -- 100.0
Wisconsin Housing & Economic Development Authority, Home Ownership Mortgage Revenue Bonds (NIBP) AA+ 121.0 121.3 -- -- 121.3
Single-family whole loan programs
Alaska Housing Finance Corporation, Collateralized Veterans Mortgage Program AAA 144.4 144.4 12.1 13.4 130.9
Alaska Housing Finance Corporation, General Mortgage Revenue Bonds II AA+ 140.0 132.1 6.0 7.3 124.8
Alaska Housing Finance Corporation, Governmental Purpose Bonds AA+ 278.3 278.3 5.9 15.4 262.9
Alaska Housing Finance Corporation, Home Mortgage Revenue Bonds AA+ 154.0 153.2 7.6 11.7 141.5
California Department of Veterans Affairs, Home Purchase Revenue Bonds AA 115.0 111.5 7.9 7.2 104.3
California Department of Veterans Affairs, Veterans General Obligation Bonds AA+ 192.0 181.1 7.9 12.2 169.0
Georgia Hsg and Fin Authority, Single Family Mortgage Bonds AAA 105.0 104.9 4.7 4.4 100.6
Michigan State Housing Development Authority, Single-Family Mortgage Revenue Bonds AA+ 111.0 108.2 7.5 8.0 100.2
Montana Brd of Hsg, Single Family Mortgage Bonds AA+ 112.0 107.6 6.0 6.2 101.4
Montana Brd of Hsg, Single Family Program Bonds AA+ 155.5 154.9 2.0 2.4 152.5
New Jersey Housing & Mortgage Finance Agency, Single Family Housing Revenue Bonds AA 121.0 118.6 17.4 15.0 103.6
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds AA+ 112.0 110.0 7.5 7.8 102.2
Utah Housing Corporation, Single Family Mortgage Bonds (2000 Indenture) Class III AA 59.0 11.2 0.0 -- 11.2
Utah Housing Corporation, Single Family Mortgage Bonds (NIBP) Class I AAA 223.1 223.1 3.1 7.0 216.1
Utah Housing Corporation, Single Family Mortgage Bonds (NIBP) Class II AA+ 197.8 197.8 3.1 6.2 191.6
Utah Housing Corporation, Single Family Mortgage Bonds (NIBP) Class III AA+ 195.6 195.6 3.1 6.1 189.5
Virginia Housing Development Authority, Homeownership Bonds (NIBP) AA+ 270.6 270.6 2.8 7.6 263.0
Wyoming Community Development Authority, Housing Revenue Bonds AA+ 124.7 124.7 9.5 10.2 114.5
N/A--Not applicable.

Related Research

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