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Rating Action:

Moody's assigns various ratings to Idaho Housing & Finance Association Single Family Mortgage Bonds, 2015 Series A; outlook is stable

10 Jun 2015

Approximately $155 million of Class I and Class II bonds affected

New York, June 10, 2015 --

Moody's Rating

Issue: Single Family Mortgage Bonds 2015 Series A-1 Class I Bonds (sf); Rating: Aaa (sf); Sale Amount: $25,000,000; Expected Sale Date: 06-10-2015; Rating Description: Housing Finance Agency Pledge

Issue: Single Family Mortgage Bonds 2015 Series A-2 Class I Term Bonds (sf); Rating: Aaa (sf); Sale Amount: $16,650,000; Expected Sale Date: 06-10-2015; Rating Description: Housing Finance Agency Pledge

Issue: Single Family Mortgage Bonds 2015 Series A-3 Variable Rate Class II Bonds (sf); Rating: Aa2 (sf); Sale Amount: $22,520,000; Expected Sale Date: 06-10-2015; Rating Description: Housing Finance Agency Pledge

Opinion

Moody's Investors Service assigns Aaa(sf) and Aa2(sf) ratings to the proposed Idaho Housing & Finance Association (IHFA), Single Family Mortgage Bonds, 2015 Series A Class I and Class II Bonds, respectively. Concurrently, we affirm all short-term and long-term ratings on all outstanding Class I and Class II bonds issued under the Indenture of Trust dated February 1, 2003 (the "Indenture"). Moody's is also expected to assign a short-term VMIG rating to Class II Bonds (variable rate debt) post pricing of the fixed rate bonds.

The rating action does not affect bank bonds ratings and Class III bonds issued under the Indenture. These bonds are additionally backed by the IHFA's general fund (issuer rating, A1/stable) and their rating is based on that security. The rating action also does not affect other the ratings issued under the IHFA's other indentures.

SUMMARY RATING RATIONALE

The ratings reflect the bonds subordinate structure that results in high asset-to-debt ratio levels for Class I and Class II, management track record of addressing challenges facing its single family programs and supporting the ratings on its programs, and improving mortgage loan portfolio performance. The rating also incorporates IHFA's overall strategy for addressing the Indenture's ongoing operating losses and limited financial flexibility, driven by revenue challenges and the presence of high level of variable rate debt and related derivative instruments that are a strain on profitability. The Series 2015 A Bonds are expected to generate excess spread that will improve the Indenture's operating performance, increase Class I and Class II Bonds parity levels, and mitigate the risk of potential over-hedged positions due to non-callable swaps.

OUTLOOK

The outlook on Class I and Class II Bonds ratings is stable based on our expectation that current issue will help mitigate the revenue pressure facing the indenture and minimize the gap between investment returns and interest costs. This is further enhanced by management's track record of supporting its single family bond ratings.

WHAT COULD MAKE THE RATING GO-UP

- Class I: N/A

- Class II: While an upgrade is not anticipated in the near-term, all else equal, significant improvements in financial performance evidenced by sustained increases in profitability and high level of asset-to-debt ratio could put an upward pressure on Class II rating.

WHAT COULD MAKE THE RATING GO-DOWN

- Sustained declines in profitability and/or asset-to-debt ratios.

- Management's inability and/or decision not to support the indenture's bond ratings; or

- other events such as deteriorating loan portfolio performance that result in weakened financial position, including liquidity.

OBLIGOR PROFILE

IHFA is an instrumentality of the State of Idaho with the mission of providing affordable housing for persons and families of limited income in the State. The Association's primary business activity is funding the purchase and servicing of single family homes mortgages, accounting for approximately $855 million of bonds and notes outstanding, including those issued under the Indenture.

LEGAL SECURITY

Class I and Class II bonds are a special, limited obligations of the IHFA secured by mortgage revenues, investment earnings, reserves, and other trust funds pledged under the Indenture.

USE OF PROCEEDS

Finance mortgage loans to low income persons for single family homes, refund certain bond series, and pay costs of issuance.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was U.S. Housing Finance Agency Single Family Programs published in February 2013. An additional methodology used in this rating was Variable Rate Instruments Supported by Conditional Liquidity Facilities published in March 2015. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

The following information supplements Disclosure 10 ("Information Relating to Conflicts of Interest as required by Paragraph (a)(1)(ii)(J) of SEC Rule 17g-7") in the regulatory disclosures made at the ratings tab on the issuer/entity page on www.moodys.com for each credit rating:

Moody's was not paid for services other than determining a credit rating in the most recently ended fiscal year by the person that paid Moody's to determine this credit rating.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Omar Ouzidane
Asst Vice President - Analyst
Public Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Florence Zeman
Associate Managing Director
Public Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's assigns various ratings to Idaho Housing & Finance Association Single Family Mortgage Bonds, 2015 Series A; outlook is stable
No Related Data.
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