Wisconsin Housing & Economic Development Authority Series 2025C Home Ownership Revenue Bonds Assigned 'AA+/A-1+' Rating
- S&P Global Ratings assigned its 'AA+/A-1+' long term rating to Wisconsin Housing & Economic Development Authority's (WHEDA) $50 million series 2025C home ownership revenue bonds, issued under the 1988 resolution.
- The outlook is stable.
NEW YORK (S&P Global Ratings) June 13, 2025--S&P Global Ratings today took the rating actions listed above.
We have analyzed the program's environmental, social, and governance (ESG) factors and opportunities relative to the legal framework, program management and operational risk, credit quality of the asset pool, cash flow analysis, liquidity, and market position. In our opinion, the program exhibits social opportunities related to social capital. Our assessment of the creditworthiness of support providers incorporates any material ESG credit factors regardless of any self-designation, such as green or social, the issuer might apply. In our view, exposure to ESG factors in the transactions is limited to the factors related to the support providers. We view environmental, social, and governance risks for the program as neutral in our credit analysis.
The stable outlook reflects our opinion of the resolution's mortgage collateral quality, sufficiency of resolution reserves, and very strong asset coverage of projected credit losses. In our opinion, the program's high level of available reserves, along with WHEDA's proactive asset management, provide bondholders with credit protection commensurate with the rating.
We would consider a negative rating action if delinquencies increase and significantly affect projected losses, or if the resolution's parity ratio weakens to levels that we no longer consider commensurate with the rating.
We could take a positive rating action if cash flows demonstrate that program overcollateralization is sufficient to cover 'AAA' stressed interest rate assumptions, while all other factors remain stable or improve.
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'sf' Identifier
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