S&P Global Ratings affirmed its 'AAA', 'AA+', and 'AA' long-term ratings on the Colorado Housing&Finance Authority 's (CHFA) class I, class II, and class III multifamily project bonds (MFPBs), respectively. At the same time, we affirmed our 'AAA/A-1+' and 'AA+/A-1+' dual ratings on CHFA's adjustable-rate class I and II bonds outstanding, respectively. The outlook, where applicable, is stable. ENGLEWOOD (S&P Global Ratings) Sep. 16, 2025--S&P Global Ratings today took the rating actions listed above. We analyzed the program's environmental, social, and governance (ESG) factors and opportunities relative to the legal framework, program management and operational risk, credit quality of the asset pool, cash flow analysis, liquidity, and market position. We view ESG risks for the program as neutral