Moody’s Investors Service has upgraded the Illinois Housing Development Authority’s housing bond program to Aa3 from A1 in recognition of its strong financial position reflected in an asset-to-debt ratio of 149%.

The program has $409 million of outstanding debt. It benefits from the strong performance of its multifamily mortgage loans that secure the bonds and the financial position of the IHDA, which carries an A1 issuer credit rating.

It is a non-taxing authority and the payments for the bonds are secured by the underlying multifamily mortgage loans and general obligation of the IHDA.

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