The 'AAA' ratings on Georgia Housing and Finance Authority's (GHFA) single-family mortgage revenue bonds series 2003A bonds and the parity resolution reflect: 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 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 in order to acquire new mortgage loans, effect various refundings, and pay the cost of issuance associated with the bonds. Acquisition fund proceeds will be deposited in an investment agreement with a provider whose rating is
