The 'AAA' long-term rating assigned to Colorado Housing and Finance Authority's (CHFA) class II and III taxable adjustable rate multifamily project bonds, series 2006 B-1 and B-2, is based on bond insurance provided by MBIA Insurance Corp. ('AAA'). The 'A-1+' short-term rating is based on a standby bond purchase agreement provided by Depfa Bank plc ('AA-/A-1+'). The 'AA' SPUR on CHFA's class II series 2006 B-1 bonds, as well as the affirmed 'AAA' and 'AA' ratings on CHFA's existing class I and class II bonds, reflect the high credit quality of the more than 400 existing first mortgage loans for affordable housing and businesses in Colorado, strong overcollateralization, and adequately funded reserves. The 'A+' rating on CHFA's class III series
