The ratings on Massachusetts Housing Finance Agency's (MassHousing) single-family housing program reflect: The credit quality of the single-family loan portfolio sufficient for the 'AA' rating, Cash flows indicating a significant strengthening of the indenture's equity position over time, Sufficiency of reserves to provide liquidity for delinquent mortgage loans, Fully funded loss coverage at the 'AA' level, Credit quality of investments under the resolution, and The agency's top-tier designation. The rating on the notes reflects the investment of note proceeds in investments commensurate with the note ratings. Note proceeds will not be used to originate mortgage loans under the resolution until the issuance of refunding bonds, which will provide permanent financing. If refunding bonds are not issued, proceeds from the investments...
Companies mentioned in this report are:
- Massachusetts Hsg Fin Agy
Action: New Rating
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Research Type: Full Analysis