Standard&Poor's Ratings Services affirmed its 'AA+/A-1+' rating on Colorado Housing&Finance Authority's series 1996D multifamily housing revenue bonds. The outlook is negative. The bonds are backed by a mortgage loan that is secured by a Fannie Mae collateral agreement. The 'AA+' rating reflects our view of the likelihood that bondholders will receive payments of debt service. The 'A-1+' reflects our view of the likelihood of payment for ongoing optional and mandatory tenders. Other rating factors, in our opinion, are: The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity; The high credit quality of the Fannie Mae collateral agreement, which is 'AA+' eligible;
