Standard&Poor's Ratings Services affirmed its 'A' issuer credit rating (ICR) on the Colorado Housing&Finance Authority (CHFA). The rating applies to all debt supported by the authority's general obligation (GO) pledge. The outlook is stable. The rating reflects our view of CHFA's: Well-diversified loan portfolio, which is characterized by strong insurance coverage; Relatively low-risk asset base, consisting primarily of first-lien, 30-year, fixed-rate, fully amortizing loans and highly rated investments; Experienced management team taking action to address the challenges the authority is facing; Improved profitability performance despite a declining loan base and lower rates of return on investments; and Success in meeting its legislative mandate and maintaining a strong and positive relationship with the state government. Partly offsetting
