Virginia Housing Development Authority#s Series 2017 A Bonds Rated #AAA#

Stocks and Financial Services Press Releases Thursday May 18, 2017 09:13
SAN FRANCISCO--18 May--S&P Global Ratings

SAN FRANCISCO (S&P Global Ratings) May 17, 2017--S&P Global Ratings assigned its 'AAA' rating to Virginia Housing Development Authority's (VHDA) series 2017 A commonwealth mortgage bonds. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating and underlying rating (SPUR) on VHDA's outstanding commonwealth mortgage bonds.

The outlook is stable. "The stable outlook reflects our view of strong, stable growth of the assets and reserves under the resolution," said S&P Global Ratings credit analyst Aulii Limtiaco.

"The resolution has performed consistently well, in our view. If loan portfolio performance were to decline, we believe VHDA would still have sufficient reserves to cover loan losses." The 2017 series A bonds are being issued as pass-through bonds, with interest and principal payments scheduled for the 25th of each month.

The bonds will be sold to the public at fixed-rate interest and secured by single-family mortgage loans.

The mortgage loans will be insured by government agencies or various private mortgage insurance providers, or originated without mortgage insurance. The bonds are secured by the mortgage loans, funds designated in the indenture, and the authority's general funds. The bonds are also subject to redemption from scheduled principal payments, prepayments, and liquidations on a monthly basis.

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria.

Please see Ratings Criteria at www.standardandpoors.com for further information.
Complete ratings information is available to subscribers of RatingsDirect at www.globalcreditportal.com and atwww.spcapitaliq.com.
All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column
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