Moody's Investors Service said it has upgraded the Delaware State Housing Authority's issuer rating to A1 from A2.

The outlook on the rating is stable. This rating action concludes Moody's review of the issuer's rating initiated on September 26, and does not affect any long-term ratings of the authority's bond programs, as they are special obligations of the authority and payable solely from pledged program revenues and other assets in the corresponding trust estates.

The rating upgrade is supported by the trend of strong financial performance, sound asset portfolios, moderate risk profile including risk management policies and procedures, and satisfactory management and governance practices. The stable outlook reflects Moody's expectation that the issuer will continue to perform in line with similarly- rated peers.

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