Bangkok--29 Jan--Standard & Poor's
Standard & Poor's Ratings Services revised its outlook to positive from stable and affirmed its 'AA-' issuer credit rating (ICR) on Nevada Housing Division (NHD). In addition, Standard & Poor's revised its outlook to positive from stable and affirmed its 'AA-' long-term rating on NHD's outstanding debt.
"The positive outlook reflects the high quality of NHD's asset base, conservative risk profile, and strong need for affordable housing in Nevada," said Standard & Poor's credit analyst Larry Witte. "Should NHD's profitability, reserve levels, and asset growth remain consistent with recent years, the rating could be upgraded."
The tourism and gaming sector continues to dominate the state, accounting for about one-third of total employment. While the tourist and gaming industries are demonstrating enduring strength, the sector tends to be volatile and affected by national recession and travel.
NHD has consistently taken a conservative approach to the real estate assets it finances, with more than 90% of loans having Federal Housing Administration (FHA) insurance or Veterans Administration (VA) guarantees. The replacement of whole loans with MBS makes the division's asset base even less susceptible to real estate volatility.
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Complete ratings information is available to subscribers of RatingsDirect, the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; select your preferred country or region, then Ratings in the left navigation bar, followed by Find a Rating.
Media Contact:
Edward Sweeney, New York (1) 212-438-6634, [email protected]
Analyst Contacts:
Lawrence Witte, San Francisco (1) 415-371-5037
Karen Fitzgerald, San Francisco (1) 415-371-5023
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_ [email protected]
Americas Customer Service: (1) 212-438-7280
[email protected]