S&P Global Ratings assigned its 'AAA/A-1+' dual rating to Colorado Housing and Finance Authority (CHFA)'s anticipated $59.52 million series 2025 O-2 single-family mortgage class I adjustable-rate bonds. The outlook is stable. The 2025 series O-2 bonds are being issued as variable-rate demand obligations and will receive enhancement in the form of a standby-bond purchase agreement (SBPA) from Royal Bank of Canada. The 'AAA' long-term component of the rating reflects CHFA's credit characteristics. The 'A-1+' short-term component of the rating reflects the liquidity facility in the form of a SBPA provided by Royal Bank of Canada, effective Nov. 19, 2025. The SBPA will cover principal and 187 days? interest at a maximum 10% annual rate for the purchase price of bonds