Research Update: Colorado Housing&Finance Authority Series 2025J-1 Multifamily Project Bonds Assigned ?AAA?; Series J-2 Assigned 'AA'

S&P Global Ratings assigned its 'AAA' long-term rating to the Colorado Housing&Finance Authority's (CHFA) 2025 series J-1 class I multifamily project bonds (MFPBs; Chrysalis Apartments), with an expected par of $6.6 million. In addition, we assigned our ?AA? long-term rating to CHFA?s 2025 J-2 class III multifamily project bonds (MFPBs Chrysalis Apartment), with an expected par of $14.2 million. At the same time, we affirmed our 'AAA', 'AA+', and ?AA? long-term ratings on CHFA's class I, class II, and class III bonds, respectively, in addition to our 'AAA/A-1+' and 'AA+/A-1+' dual ratings on the authority'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),

...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 ...

Research Update