Fitch Ratings 2014 Outlook

Rating and Sector Outlook Stable: Fitch expects most state housing finance agency (SHFA) ratings to be stable in the coming year following five years of Negative Rating Outlooks. The sector outlook is also stable given improved housing market fundamentals. The main drivers for the ratings outlook include the resourcefulness of SHFAs, which is contributing to their profitability and sound financial ratios, and the combination of SHFAs building more equity while deleveraging bond programs.