Virginia Housing Development Authority Taxable Rental Bonds Assigned 'AA+' Rating

SAN FRANCISCO (S&P Global Ratings) March 27, 2020--S&P Global Ratings assigned its 'AA+' long-term rating to the Virginia Housing Development Authority's (VHDA) $125 million 2020 series C taxable rental housing bonds. At the same time, S&P Global Ratings affirmed its 'AA+' long-term rating on VHDA's previously issued debt under the rental housing bond resolution. The outlook is stable.
VHDA will use the proceeds of the 2020C bonds to fund one or more mortgage loans or to redeem certain bonds outstanding under the resolution.
"The rating reflects our opinion of the 'AA+' general obligation pledge on the rental housing bond resolution, the strength of the rental housing bond indenture, high asset quality, an experienced management team, and the commonwealth's stable economy," said S&P Global Ratings credit analyst Aulii Limtiaco.
The stable outlook reflects S&P Global Ratings' view of the authority's solid equity and strong financial and administrative performance, coupled with a stable commonwealth economy.
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