Standard&Poor's Ratings Services affirmed its 'AA+/A-1+' rating on the Colorado Housing and Finance Authority's multifamily housing revenue bonds, series 1996G. The outlook is negative. The rating reflects our view of the strength of the Fannie Mae collateral agreements securing the bonds. The rating further reflects our view of the bond program's strong asset-to-liability parity (100.93%). The rating attributed to the Fannie Mae collateral agreement is based on the rating on the United States of America (AA+/Negative). The Fannie Mae collateral agreement provides credit and liquidity support for the transaction. Under the collateral agreement, Fannie Mae is obligated to make regularly scheduled mortgage payments prior to interest payment dates in the event that the borrower misses a mortgage payment.
