...S&P Global Ratings affirmed its 'A+' issuer credit rating (ICR) on Colorado Housing & Finance Authority (CHFA). The outlook is stable. The affirmation reflects our view of the following: + Strengthening financial position, as evidenced by the eighth consecutive year of increasing S&P Global Ratings-calculated net equity, which excludes fair value adjustments; + Significant reduction in variable-rate debt outstanding to approximately 38% as of Dec. 31, 2018, down from 59% in 2017, which we view as a prudent risk-mitigation strategy; + Increased profitability, on average, over the past six fiscal periods, illustrated by a 114% increase in S&P Global Ratings-calculated net income (excluding fair value) in 2018 from 2013; + Improved asset quality, as demonstrated by material decreases in the authority's non-performing assets (NPAs), defined as loans delinquent at least 60 days or in foreclosure, to approximately 2.2% in fiscal 2018 from over 6% in fiscal 2013; and + Extremely strong management...
