SAN FRANCISCO (Standard&Poor's) Dec. 28, 2011--Standard&Poor's Ratings Services removed its ratings on the Colorado Housing and Finance Authority's Class I bonds under its single-family mortgage bond indenture from CreditWatch with negative implications and affirmed the ratings at 'AAA'. The outlook is stable. The ratings reflect our opinion of: Substantial overcollateralization that exceeds 114% on the senior Class I bonds; Very strong credit quality of the Federal Housing Authority (FHA)-insured, conventionally insured, other insured, and uninsured mortgage loans backing the bonds; Sufficiency of reserves to cover potential credit and liquidity shortfalls; and High-quality investments. The rating on the bonds was placed on CreditWatch with negative implications due to the high level of mortgage insurance and guarantees from
