Summary: Nevada Housing Division; Single Family Multiple MBS Feb 13

Standard & Poors, February 2013

Abstract
Standard & Poor's Ratings Services affirmed its 'AA+' long-term rating on several series of Nevada Housing Division's single-family program mortgage revenue bonds, all of which are part of a general certificate issued in 2009 to facilitate the division's participation in the New Issue Bond Program (NIBP). The outlook is negative, reflecting the outlook on the U.S. sovereign rating (AA+/Negative). The rating reflects our consideration of several factors, including: The very strong credit quality of the underlying assets, consisting of Ginnie Mae mortgage-backed securities (MBS), which are 'AA+' eligible under our criteria; Updated cash flows demonstrating timely payment of principal and interest on the bonds until maturity and sufficient funds to partially redeem the bonds in the event of incomplete MBS...

Companies mentioned in this report are:
- Nevada Hsg Div

Action: Affirmed
Action: Outlook: Negative

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Nevada Hsg Div

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