S&P Global Ratings raised its issuer credit rating (ICR) to 'AA-' from 'A+' on Colorado Housing&Finance Authority (CHFA, the authority). The outlook is stable. The upgrade of the ICR reflects the following: Five consecutive years of year-over-year (y/y) increases in S&P-calculated net equity from $203.2 million in fiscal 2015 to $467.7 million in fiscal 2020; Sustained balance sheet growth as indicated by total assets increasing to $3.55 billion in fiscal 2020 from $2.12 billion in fiscal 2015; Overall high-quality loan portfolio consisting of 51% low-risk program mortgage backed securities (MBS) and 49% whole loans, including down payment assistance (DPA) loans that serve the authority's mission; Debt profile that is well-balanced and manages risk exposures with market optimization consisting
