S&P Global Ratings' issuer credit rating (ICR) on Colorado Housing&Finance Authority (CHFA, or the authority) is 'AA-'. The outlook is stable. An ICR reflects the obligor's general creditworthiness and its capacity and willingness to meet financial commitments when they come due. It does not apply to any specific financial obligation and does not consider the obligation's nature and provisions, bankruptcy standing, or liquidation, statutory preferences, or legality and enforceability. The rating reflects our view of the following: Financial strength characterized by nearly $823 million in equity, net equity-to-assets ratio of 18% in fiscal 2022 and 15% on a trailing five-year average basis, which we view as average relative to peers and in line with the rating level; Above-average
