Standard&Poor's Ratings Services revised the outlook to negative from stable and affirmed its 'A+' issuer credit rating (ICR) on Colorado Housing and Finance Authority (CHFA), as well as the ratings on all debt supported by the authority's general obligation (GO) pledge. Standard&Poor's also revised the outlook on the authority's class I bonds, series 2006B-C, series 2007A, series 2006B-1, 2006B-3, and series 2006C-2, to stable and removed the ratings from CreditWatch with negative implications. The ICR reflects what we view as the following strengths: A well-diversified and growing loan portfolio, which is characterized by strong insurance coverage; CHFA's relatively low-risk asset base, consisting primarily of first-lien, 30-year, fixed-rate, fully amortizing loans and highly rated investments; A seasoned
