SAN FRANCISCO (Standard&Poor's) Nov. 21, 2005--Standard&Poor's Ratings Services lowered its rating to 'A' from 'A+' on Colorado Housing and Finance Authority's $3.220 million taxable GO housing bonds, series 1992A. The outlook is stable. "The rating is based on the moral obligation of the state," Standard&Poor's credit analyst Karen Fitzgerald said. "The moral obligation rating is typically two notches below the state's lease rating, which is currently 'AA-/Stable'." The debt service reserve fund is fully funded at maximum annual debt service and is invested in a business loan from the Quality Agricultural Loan program, which is guaranteed by the Small Business Administration. The bonds were issued to finance a portion of the construction for the
