S&P Global Ratings revised its outlook to positive from stable and affirmed its 'A' issuer credit rating (ICR) on the Colorado Housing&Finance Authority (CHFA). The rating and revised outlook apply to all debt supported by the authority's general obligation (GO) pledge. The positive outlook reflects the authority's steadily increasing net equity position and a continued decrease in delinquencies that indicates improved loan performance. The authority's declining use of variable-rate debt--and therefore decreasing reliance upon swap and liquidity counterparties--is also viewed as a risk-adverse and positive trend. We will continue to monitor these factors between now and our next review. The rating reflects our view of CHFA's: Well-diversified loan portfolio, which is characterized by strong insurance coverage; Relatively low-risk
