The 'AAA/A-1+' rating on Colorado Housing and Finance Authority's (CHFA) series 2002AA bonds and the general resolution reflects: The strength of the FHA-insured mortgage loans under the parity resolution as evidenced by the strong performance of the consolidated cash flows, Stand-alone 2002AA cash flows demonstrating sufficient revenues to cover all debt service payments and expenses, Sufficient reserve levels to cover credit and liquidity shortfalls in the general resolution, High credit quality of investments, and Strong oversight of the resolution by CHFA. Bond proceeds from the 2002AA issue totaling $75 million will be used to refund 1992's series A bonds, which are part of the same parity resolution. The resolution is backed by 137 multifamily mortgages insured under various FHA programs
