Standard&Poor's Ratings Services assigned its 'AAA' long-term rating to Georgia Housing and Finance Authority's (GHFA) single-family mortgage revenue bonds series 2011C and 2009C-5. At the same time, Standard&Poor's affirmed its 'AAA' long-term rating on GHFA's parity resolution. The ratings are on CreditWatch with negative implications. The ratings reflect our opinion of: The extremely strong credit quality of the collateral securing the bonds -- a pool of mortgages consisting primarily of Federal Housing Administration (FHA)-insured or Veterans Administration (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 proceeds
