NEW YORK (Standard&Poor's) March 2, 2004--Standard&Poor's Ratings Services assigned its 'AAA' rating to Georgia Housing and Finance Authority's (GHFA) $32.2 million single-family mortgage revenue bonds series 2004A bonds. The outlook is stable. The rating reflects: the extremely strong credit quality of the collateral securing the bonds--a pool of mortgages consisting primarily of Federal Housing Authority-insured or Veterans Administration-guaranteed loans, fully funded reserves and sufficient liquidity, the very high credit quality of insurance supporting the mortgages, the extremely strong credit quality of the investments, and cash flow sufficiency demonstrating ample loss coverage protection at the 'AAA' level. The bonds are being issued to acquire new mortgage loans, effect a small refunding, and pay the cost of issuance
