SAN FRANCISCO (Standard&Poor's) Jan. 15, 2004--Standard&Poor's Ratings Services revised the outlook to stable from positive and at the same time affirmed the 'A+' issuer credit rating and long-term ratings on Colorado Housing and Finance Authority's (CHFA) general obligation debt. The outlook change reflects adequate but declining profitability and earnings. The rating affirmation is based on strong mortgage origination, sufficient equity position, and strong management. "CHFA's financial ratios declined in fiscal 2002 primarily in return on assets, return on equity, and net interest margin, which followed the trend of other housing finance agencies that faced high prepayments and historically low rates of return on fixed-rate investments," said Standard&Poor's credit analyst Lawrence Witte. "The authority also
