Standard&Poor's Ratings Services assigned its 'AAA' long-term rating to Colorado Housing and Finance Authority's (CHFA) class I multifamily project bonds, series 2009A-1, and its 'AA' long-term rating to CHFA's series 2009A-2 bonds. Standard&Poor's also affirmed its 'AAA' and 'AA' ratings on CHFA's class I and II multifamily project bonds. The ratings are based on our view of the following factors: High quality of credit, based on 500 first mortgage loans for affordable multifamily properties and businesses in Colorado; Sufficient over-collateralization to maintain the ratings through bond maturity; Strong historical oversight and asset management by CHFA of the properties in its portfolio; and A debt service reserve funded at a minimum of eight months of maximum loan
