Standard&Poor's Ratings Services assigned its 'AAA' long-term rating, with a stable outlook, to Georgia Housing and Finance Authority's (GHFA) single-family mortgage revenue bonds series 2009C. At the same time, Standard&Poor's affirmed its 'AAA' rating on GHFA parity resolution. The ratings, in our opinion, reflect: Investments of the series 2009C bonds commensurate with the rating on the bonds; The extremely strong credit quality of the collateral securing the bonds--a pool of mortgages consisting primarily of FHA-insured or VA-guaranteed loans; Fully funded reserves and sufficient liquidity; Very strong credit quality of the investments; Cash flow sufficiency demonstrating ample loss coverage protection at the 'AAA' level; and Sufficient loss coverage in the form of excess assets. The 2009C bonds
