Research Update: Colorado Housing&Finance Authority Class I, II, And III Multifamily Bond Ratings Affirmed At 'AAA', 'AA+', And 'AA'

S&P Global Ratings affirmed its 'AAA', 'AA+', and 'AA' long-term ratings on the Colorado Housing&Finance Authority 's (CHFA) class I, class II, and class III multifamily project bonds (MFPBs), respectively. At the same time, we affirmed our 'AAA/A-1+' and 'AA+/A-1+' dual ratings on CHFA's adjustable-rate class I and II bonds outstanding, respectively. The outlook, where applicable, is stable. Bonds issued under the MFPB master trust indenture (MTI), dated March 1, 2000, as amended, are secured by and payable from all of the authority's rights to, and interest in, the revenues, assets, and moneys pledged under the MTI. Specifically, obligations are secured by the revenues, loans, and funds held in the debt service reserve fund, the revenue fund, and

...Class I Class II Class III Legal framework No cap No cap No cap Program management and operational risk No cap No cap No cap Cash flow analysis Overcollateralization ### ### ##+ Stressed cash flows ### ### ### Hedging risk No cap No cap No cap HFA general obligation pledge N/A N/A ##- Anchor Anchor ### ### ##+ Modifiers and holistic analysis Liquidity reserves No modifier No modifier No modifier Market position No modifier No modifier No modifier Holistic analysis No modifier -1 notch -1 notch Stand-alone credit profile SACP ### ##+ ## Other applicable criteria ### N/A N/A Final Final rating ### ##+ ## N/A--Not applicable....

Research Update