LOS ANGELES — Moody's Investors Service reinstated the Aaa(sf) rating for $2.1 million in Idaho Housing and Finance Association's single family mortgage bonds that were excluded from a previously assigned rating due to an administrative error.
The action applies to Series 1997G bonds. The outlook is stable.
The bonds are special, limited obligations of IHFA secured by mortgage revenues, investment earnings, reserves, and other trust funds pledged under the Trust Indenture. No additional bonds are permitted to be issued under the standalone trust indenture.
Analysts said the rating reflects very high asset-to-debt ratio, the presence of high level of government insurance that serves as a buffer against loan losses, and no variable rate debt.
The credit features of the program cause it to remain financially viable throughout all but the most severe housing market or economic downturns, according to Moody's.