Standard&Poor's Ratings Services affirmed its 'A+' issuer credit rating (ICR) on the Colorado Housing and Finance Authority (CHFA), as well as its ratings on all debt supported by the authority's general obligation (GO) pledge. The outlook on all ratings is negative. The 'A+' ICR reflects our view of CHFA's: Well-diversified and growing loan portfolio, which is characterized by strong insurance coverage; Relatively low-risk asset base, consisting primarily of first-lien, 30-year, fixed-rate, fully amortizing loans and highly rated investments; Seasoned management team with a track record of achievement; and Success in meeting its legislative mandate and maintaining a strong and positive relationship with the state government. We believe that the above strengths are offset by CHFA's: Declining profitability ratios
