Standard&Poor's Ratings Services affirmed its 'AAA/A-1' rating on Colorado Housing and Finance Authority's single-family mortgage class I bonds in anticipation of the substitution of separate standby bond purchase agreements (SBPAs) from the Royal Bank of Canada (AA-/A-1+) for SBPAs from Dexia Credit Local (A/A-1) on the series 2004A-2, 2004B-2, 2005A-1, 2005A-2 and 2007B-2 bonds in October 2011. Once the SBPAs are substituted, the short-term ratings on the above-mentioned series will reflect that of Royal Bank of Canada. The new SBPAs will expire three years from the date of effectiveness unless they are terminated earlier in accordance with their terms. The SBPAs will provide liquidity in the event of a failed remarketing for all listed bonds at the maximum
