SAN FRANCISCO (Standard&Poor's) Dec. 15, 2009--Standard&Poor's Ratings Services revised its rating on Colorado Housing and Finance Authority (CHFA)'s adjustable-rate multifamily housing insured mortgage revenue bonds, series 2002AA, to 'AAA/A-1+' from 'AA+/NR' reflecting the substitution of a standby letter of credit from Fannie Mae and Freddie Mac on Dec. 16, 2009. Standard&Poor's also affirmed its 'AA+' underlying rating (SPUR) on the resolution. The outlook on the long-term component of the ratings is stable. "The SPUR reflects the strength of the Federal Housing Administration-insured and Federal Housing Administration risk-share mortgage loans under the parity resolution, as evidenced by the strong performance of the consolidated cash flows; consolidated cash flows demonstrating sufficient revenues to cover all debt
