The 'AA+' rating on Rhode Island Housing and Mortgage Finance Corp.'s (RIHMFC) series 52-A and 52-B bonds and the outstanding debt issued under the homeownership opportunity bond resolution reflects: Excellent performance and strong credit quality of the mortgage loan collateral, Strength of the indenture cash flow runs, Very strong reserve levels that are commensurate with the rating on the bonds to provide protection for potential loan losses, and Very high credit quality of investments under the resolution, which are invested substantially with providers whose ratings are 'AA+' and higher. Proceeds from the sale of the bonds will be used to make new single-family mortgage loans, which will be the security for the bonds. The bonds will be issued on parity...
Companies mentioned in this report are:
- Rhode Island Hsg & Mtg Fin Corp
Action: New Rating
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