Standard&Poor's Ratings Services affirmed its 'AAA' long-term rating on the Colorado Housing&Finance Authority's (CHFA) Class I multifamily project bonds, and its 'AA' long-term rating on CHFA's Class II multifamily project bonds. The affirmation reflects a withdrawal of $5.5 million from the trust estate on April 1, 2012. The ratings on the Class I and Class II bonds are based on our view of CHFA's: Extremely strong overcollateralization on the Class I bonds and very strong overcollateralization on the Class II bonds that exceeds 159% and 108% on the Class I and Class II bonds, respectively; High credit quality, based on 459 first mortgage loans for affordable multifamily properties and businesses in Colorado; Strong historical oversight and
