...S&P Global Ratings raised its issuer credit rating (ICR) to 'A+' from 'A' on Colorado Housing & Finance Authority (CHFA). The outlook is stable. The rating and outlook apply to all debt supported by the authority's general obligation (GO) pledge. The improved rating reflects several positive credit trends exhibited by the authority over the last five years. Specifically, continued increases in net equity position and marked decrease in delinquencies supporting a strong asset quality assessment. Furthermore, the authority's strategic approach to decreasing its overall variable-rate-debt exposure--thus decreasing reliance upon swap and liquidity counterparties--is also viewed as a risk-adverse and as a positive trend. Additionally, the improved rating reflects our view of CHFA's: + Well-capitalized position as evidenced by strong leverage and capital adequacy ratios; + Very strong profitability with a five-year return on average assets ratio of 1.45%; + Well-diversified loan portfolio, which...
