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U.S. Public Finance Housing Rating Actions, Fourth-Quarter 2022

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S&P Global Ratings' U.S. Public Finance Housing rating actions for fourth-quarter 2022 included 15 positive rating actions and 13 negative rating actions. There were also 44 affirmations.

Fourth-Quarter Rating Actions

We took positive rating actions on 15 individual ratings, which included seven positive outlook changes, four upgrades, and four ratings removed from CreditWatch.

The upgrades reflected improved financial ratios and strengthened asset quality paired with reduced leverage and risk ("Massachusetts Housing Finance Agency," published Oct. 13, 2022, and "California Housing Finance Agency," published Dec. 12, 2022, both on RatingsDirect), the MRBP criteria implementation ("Wisconsin Housing & Economic Development Authority," published Oct. 19, 2022), and improved coverage and liquidity ("Philadelphia Industrial Development Authority/University Plaza Associates L.P.," published Dec. 7, 2022).

Table 1

Positive Rating Actions, Fourth-Quarter 2022
Prior Rating Outlook Prior Outlook ASID Display Name Reason for Rating
BBB+ STABLE NM Southern California Home Fin Auth, CA Single Family Multi-Agency MBS 2002A Indenture Change based on rating action taken on GE (GIC provider)
BBB+ STABLE NM Fulton Cnty Hsg Auth, GA Single Family Multi-Agency MBS 1998 Indenture Change based on rating action taken on GE (GIC provider)
BBB+ STABLE NM Chicago, IL Multi-Family GNMA MBS Cottage View Terrace Apts Based on rating action taken on GE (GIC provider)
AA- STABLE NM Paducah Hsg Auth, KY HUD Capital Fund Financing CW removed after recipt of sufficient information
CCC+ STABLE NEGATIVE Assisted Living Foundation of America, CA Section 8 Affordable Housing Parkway Villa Apts Stabilizing coverage and liquidity and market position
CCC+ STABLE NEGATIVE Assisted Living Foundation of America, CA Section 8 Affordable Housing Parkway Villa Apts 2nd Lien Stabilizing coverage and liquidity and market position
B+ STABLE NEGATIVE Trinity Affordable Hsg Corp, IL Affordable Housing Estates at Eagles Pointe Proj Improved coverage and liquidity
A+ POSITIVE STABLE Enterprise Community Loan Fund, Inc., MD General Obligation Improved equity ratios and reduced risk in loan portfolio
A+ POSITIVE STABLE Enterprise Community Loan Fund, Inc., MD General Obligation ICR Improved equity ratios and reduced risk in loan portfolio
AA+ STABLE NEGATIVE Michigan St Hsg Dev Auth, MI General Resolution MRBP criteria Implementation
A POSITIVE STABLE Buffalo Municipal Housing Authority NY HUD Capital Fund Financing Improved managerial capacity
AA- STABLE STABLE California Hsg Fin Agy, CA General Obligation ICR Improved net equity and profitability ratios, reduced leverage and risk
AA STABLE POSITIVE Massachusetts Hsg Fin Agy, MA Housing Bonds Strengthened loan portfolio, conservative debt portfolio and strong management
BBB STABLE STABLE Univ Plaza Associates, PA Section 8 Affordable Housing University Square Apts 2nd Lien Improved coverage and liquidity after renovation completion
AA STABLE STABLE Wisconsin Hsg & Econ Dev Auth, WI 1974 HRB Indenture MRBP criteria Implementation
NM--Not meaningful.

We took negative rating actions on 13 individual ratings, which included seven negative outlook changes, three downgrades, and three ratings placed on CreditWatch with negative implications.

The downgrades all mainly reflected deteriorated coverage and liquidity in our rental-housing portfolio ("FFAH Carver Gardens, LLC, Florida/Public Finance Authority, Wisconsin," published Oct. 24, 2022; "Shalimar Town, Florida/Emerald Coast Housing II Inc.," published Nov. 16, 2022; and "Atlantic Housing Foundation Inc./Texas/Capital Trust Agency, Florida," published Dec. 6, 2022).

Table 2

Negative Rating Actions -- Fourth-Quarter 2022
Prior Rating Outlook Prior Outlook ASID Display Name Reason for Rating
BBB+ STABLE NM Southern California Home Fin Auth, CA Single Family Multi-Agency MBS 2002A Indenture Change based on rating action taken on GE (GIC provider)
BBB+ STABLE NM Fulton Cnty Hsg Auth, GA Single Family Multi-Agency MBS 1998 Indenture Change based on rating action taken on GE (GIC provider)
BBB+ STABLE NM Chicago, IL Multi-Family GNMA MBS Cottage View Terrace Apts Based on rating action taken on GE (GIC provider)
AA- STABLE NM Paducah Hsg Auth, KY HUD Capital Fund Financing CW removed after recipt of sufficient information
CCC+ STABLE NEGATIVE Assisted Living Foundation of America, CA Section 8 Affordable Housing Parkway Villa Apts Stabilizing coverage and liquidity and market position
CCC+ STABLE NEGATIVE Assisted Living Foundation of America, CA Section 8 Affordable Housing Parkway Villa Apts 2nd Lien Stabilizing coverage and liquidity and market position
B+ STABLE NEGATIVE Trinity Affordable Hsg Corp, IL Affordable Housing Estates at Eagles Pointe Proj Improved coverage and liquidity
A+ POSITIVE STABLE Enterprise Community Loan Fund, Inc., MD General Obligation Improved equity ratios and reduced risk in loan portfolio
A+ POSITIVE STABLE Enterprise Community Loan Fund, Inc., MD General Obligation ICR Improved equity ratios and reduced risk in loan portfolio
AA+ STABLE NEGATIVE Michigan St Hsg Dev Auth, MI General Resolution MRBP criteria Implementation
A POSITIVE STABLE Buffalo Municipal Housing Authority NY HUD Capital Fund Financing Improved managerial capacity
AA- STABLE STABLE California Hsg Fin Agy, CA General Obligation ICR Improved net equity and profitability ratios, reduced leverage and risk
AA STABLE POSITIVE Massachusetts Hsg Fin Agy, MA Housing Bonds Strengthened loan portfolio, conservative debt portfolio and strong management
BBB STABLE STABLE Univ Plaza Associates, PA Section 8 Affordable Housing University Square Apts 2nd Lien Improved coverage and liquidity after renovation completion
AA STABLE STABLE Wisconsin Hsg & Econ Dev Auth, WI 1974 HRB Indenture MRBP criteria Implementation

There were 44 affirmations out of 72 total rating actions during fourth-quarter 2022, or about 61% of rating actions, slightly higher than third-quarter 2022 (59%), which had a large number of ratings removed from CreditWatch. As of January 2023, about 93% of our ratings carry stable outlooks, partially reflecting resiliency and strong portfolio metrics presented by our rated universe. (For more information, see "Outlook For U.S. Public Finance Housing: Economic Winds Won't Blow The House Down," published Jan. 19, 2023.) We typically review the parity rating of an issuer in conjunction with any new-money or refunding debt sale. During fourth-quarter 2022, we rated 17 new sales in conjunction with affirmations. This pace was slightly higher than the prior year (fourth-quarter 2021), which saw 14 new sales.

Table 3

Affirmations And New Sales -- Fourth-Quarter 2022
Outlook ASID Display Name Type of Review Outlook ASID Display Name Type of Review
STABLE Alaska Hsg Fin Corp, AK Home Mortgage Revenue Bonds (GO) Full Review STABLE Alaska Hsg Fin Corp, AK Home Mortgage Revenue Bonds (GO) Full Review
STABLE Arkansas Dev Fin Auth, AR Single Family Multi-Agency MBS 1995 Resolution Full Review STABLE Arkansas Dev Fin Auth, AR Single Family Multi-Agency MBS 1995 Resolution Full Review
STABLE California Dept of Vet Affairs, CA Veterans General Obligation Bonds (CA St GO) Full Review STABLE California Dept of Vet Affairs, CA Veterans General Obligation Bonds (CA St GO) Full Review
STABLE California Dept of Vet Affairs, CA Home Purchase Revenue Bonds Full Review STABLE California Dept of Vet Affairs, CA Home Purchase Revenue Bonds Full Review
STABLE Clearinghouse CDFI, CA General Obligation ICR Full Review STABLE Clearinghouse CDFI, CA General Obligation ICR Full Review
STABLE San Diego Hsg Auth, CA FNMA Standby Agreement Windwood Village Apts Full Review STABLE San Diego Hsg Auth, CA FNMA Standby Agreement Windwood Village Apts Full Review
STABLE Century Housing Corporation CA HFA General Obligation Impact Investment Bonds New Sale STABLE Century Housing Corporation CA HFA General Obligation Impact Investment Bonds New Sale
STABLE Century Hsg Corp, CA General Obligation ICR New Sale STABLE Century Hsg Corp, CA General Obligation ICR New Sale
STABLE Colorado Hsg & Fin Auth, CO Single Family Mortgage Bonds Class II New Sale STABLE Colorado Hsg & Fin Auth, CO Single Family Mortgage Bonds Class II New Sale
STABLE Colorado Hsg & Fin Auth, CO Single Family Mortgage Bonds Class III New Sale STABLE Colorado Hsg & Fin Auth, CO Single Family Mortgage Bonds Class III New Sale
STABLE Colorado Hsg & Fin Auth, CO Single Family Mortgage Bonds Class I New Sale STABLE Colorado Hsg & Fin Auth, CO Single Family Mortgage Bonds Class I New Sale
STABLE Connecticut Housing Finance Authority, CT Multi-Family Whole Loans General Mult-Family Resolution and General Obligation New Sale STABLE Connecticut Housing Finance Authority, CT Multi-Family Whole Loans General Mult-Family Resolution and General Obligation New Sale
STABLE Connecticut Hsg Fin Auth, CT Single Family Whole Loan and General Obligation - CHFA General Bond Resolution New Sale STABLE Connecticut Hsg Fin Auth, CT Single Family Whole Loan and General Obligation - CHFA General Bond Resolution New Sale
STABLE The Vireo Apartments LP, IN Multi-Family FNMA MBS TEMS Series 2018M Full Review STABLE The Vireo Apartments LP, IN Multi-Family FNMA MBS TEMS Series 2018M Full Review
STABLE Iowa Fin Auth, IA MBS 1991 SFMBS Resolution Full Review STABLE Iowa Fin Auth, IA MBS 1991 SFMBS Resolution Full Review
STABLE Maine St Hsg Auth, ME Mortgage Purchase Program Resolution Full Review STABLE Maine St Hsg Auth, ME Mortgage Purchase Program Resolution Full Review
STABLE Massachusetts Hsg Partnership Fd Bd, MA General Obligation ICR Full Review STABLE Massachusetts Hsg Partnership Fd Bd, MA General Obligation ICR Full Review
STABLE Massachusetts Hsg Fin Agy, MA Housing Bonds New Sale STABLE Massachusetts Hsg Fin Agy, MA Housing Bonds New Sale
STABLE Massachusetts Hsg Fin Agy, MA Single-Family Mortgage Bonds New Sale STABLE Massachusetts Hsg Fin Agy, MA Single-Family Mortgage Bonds New Sale
STABLE 848 Payne, LLLP MN Multi-Family M-TEMS Full Review STABLE 848 Payne, LLLP MN Multi-Family M-TEMS Full Review
STABLE Minnesota Housing Finance Agency, MN Single Family New Sale STABLE Minnesota Housing Finance Agency, MN Single Family New Sale
STABLE Minnesota Hsg Fin Agy, MN Rental Housing Bond Resolution New Sale STABLE Minnesota Hsg Fin Agy, MN Rental Housing Bond Resolution New Sale
STABLE Montana Brd of Hsg MT, SF I Indenture Full Review STABLE Montana Brd of Hsg MT, SF I Indenture Full Review
STABLE Nebraska Invest Fin Auth, NE SFHRB Resolution New Sale STABLE Nebraska Invest Fin Auth, NE SFHRB Resolution New Sale
STABLE New Mexico Mtg Fin Auth, NM 2005 Single Family Program General Indenture Full Review STABLE New Mexico Mtg Fin Auth, NM 2005 Single Family Program General Indenture Full Review
STABLE Local Initiatives Support Corporation, NY General Obligation Full Review STABLE Local Initiatives Support Corporation, NY General Obligation Full Review
STABLE New York City Hsg Dev Corp, NY Multi-Family Whole Loans - Multifamily General Resolution Full Review STABLE New York City Hsg Dev Corp, NY Multi-Family Whole Loans - Multifamily General Resolution Full Review
STABLE North Carolina Hsg Fin Agy, NC Single Family MBS Whole Loan - 1998 Trust Agreement New Sale STABLE North Carolina Hsg Fin Agy, NC Single Family MBS Whole Loan - 1998 Trust Agreement New Sale
POSITIVE Reinvestment Fund, Inc [The], PA General Obligation 2nd Lien Full Review POSITIVE Reinvestment Fund, Inc [The], PA General Obligation 2nd Lien Full Review
POSITIVE Reinvestment Fund, Inc [The], PA General Obligation ICR Full Review POSITIVE Reinvestment Fund, Inc [The], PA General Obligation ICR Full Review
STABLE Univ Plaza Associates, PA Section 8 Affordable Housing University Square Apts Full Review STABLE Univ Plaza Associates, PA Section 8 Affordable Housing University Square Apts Full Review
STABLE Rhode Island Housing & Mortgage Finance Corporation, RI Homeownership Opportunity Bond Resolution New Sale STABLE Rhode Island Housing & Mortgage Finance Corporation, RI Homeownership Opportunity Bond Resolution New Sale
STABLE Tennessee Hsg Dev Agy, TN Single Family Whole Loan - 2013 General Residential Finance Program Full Review STABLE Tennessee Hsg Dev Agy, TN Single Family Whole Loan - 2013 General Residential Finance Program Full Review
STABLE EMLI Pecan TC I LP, TX Multifamily Tax-Exempt Mortgage-Backed Bonds Series 2020 Full Review STABLE EMLI Pecan TC I LP, TX Multifamily Tax-Exempt Mortgage-Backed Bonds Series 2020 Full Review
STABLE Texas Department of Housing & Community Affairs Single Family Mortgage Rev Bnd Indenture Full Review STABLE Texas Department of Housing & Community Affairs Single Family Mortgage Rev Bnd Indenture Full Review
STABLE Texas Dept of Hsg & Comnty Affairs, TX Single Family Multi-Agency MBS and Whole Loans 1980 Indenture New Sale STABLE Texas Dept of Hsg & Comnty Affairs, TX Single Family Multi-Agency MBS and Whole Loans 1980 Indenture New Sale
STABLE Texas Dept of Hsg & Comnty Affairs, TX Single Family Multi-Agency MBS and Whole Loans 1980 Indenture 2nd Lien New Sale STABLE Texas Dept of Hsg & Comnty Affairs, TX Single Family Multi-Agency MBS and Whole Loans 1980 Indenture 2nd Lien New Sale
STABLE Utah Hsg Corp., UT Single Family Multi-Agency MBS TEMS Full Review STABLE Utah Hsg Corp., UT Single Family Multi-Agency MBS TEMS Full Review
STABLE Virginia Hsg Dev Auth, VA Commonwealth Mortgage Bonds w GO Full Review STABLE Virginia Hsg Dev Auth, VA Commonwealth Mortgage Bonds w GO Full Review
STABLE Virginia Hsg Dev Auth, VA Homeownership Bonds w/ GO (NIBP) Full Review STABLE Virginia Hsg Dev Auth, VA Homeownership Bonds w/ GO (NIBP) Full Review
STABLE West Virginia Hsg Dev Fd, WV Housing Finance Bond w GO Full Review STABLE West Virginia Hsg Dev Fd, WV Housing Finance Bond w GO Full Review
STABLE Wisconsin Hsg Pres Corp, WI General Obligation ICR Full Review STABLE Wisconsin Hsg Pres Corp, WI General Obligation ICR Full Review
STABLE Wisconsin Hsg & Econ Dev Auth, WI Home Ownership Mortgage Revenue Bonds (NIBP) Full Review STABLE Wisconsin Hsg & Econ Dev Auth, WI Home Ownership Mortgage Revenue Bonds (NIBP) Full Review
STABLE Georgia Hsg and Fin Auth, GA Single Family Whole Loan - 1976 General Resolution New Sale STABLE Georgia Hsg and Fin Auth, GA Single Family Whole Loan - 1976 General Resolution New Sale

We also rated two new issuers in fourth-quarter 2022. We rated one issuer under our "Methodology For Rating Public And Nonprofit Social Housing Providers," criteria, published June 1, 2021, and one under our "Methodology And Assumptions: Housing Finance Agencies And Social Enterprise Lending Organizations," criteria, published Dec. 27, 2016.

Table 4

New Issuers -- Fourth-Quarter 2022
Portfolio State Rating Outlook ASID Display Name
CDFI ICR New York A+ STABLE National Development Council, NY General Obligation ICR
Social Housing Provider ICR Florida A+ STABLE Jacksonville Hsg Auth, FL General Obligation ICR

Related Research

This report does not constitute a rating action.

This report does not constitute a rating action.

Primary Credit Analyst:Sam Krouse, Houston (1) 214-871-1409;
sam.krouse@spglobal.com
Secondary Contact:Shirley Murillo, New York (646) 831-2467;
shirley.murillo@spglobal.com

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