Standard&Poor's Ratings Services assigned its 'AAA/A-1+' long-term rating to Colorado Housing and Finance Authority's (CHFA) series 2008 A-1, A-2, and A-3 bonds taxable class I adjustable rate bonds. In addition, Standard&Poor's assigned its 'AA' rating to CHFA's series 2008 A-4 class II bonds and its 'A+' rating to CHFA's series 2008 A-5 class III bonds. The rating on the class I bonds reflects: Substantial overcollateralization, exceeding 114% on the senior class I bonds; The extremely strong credit quality of the FHA-insured, conventionally insured, other insured, and uninsured mortgage loans backing the bonds; Sufficiency of reserves to cover potential credit and liquidity shortfalls; High-quality investments; and The ability of the cash flows to withstand swap risks in
