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 2007 A-1 and A-2, is based on bond insurance provided by MBIA Insurance Corp. ('AAA'). The 'A-1+' short-term rating is based on an SBPA provided by Depfa Bank plc ('AA-/A-1+'). The SBPA provides coverage for the purchase price of tendered bonds that are not successfully remarketed, including the principal of and interest on the bonds for a maximum of 183 days at 12% per annum. The SBPA expires on May 1, 2015, unless earlier terminated or extended according to its terms. Bonds are initially issued in a weekly rate mode and thereafter may be converted to a
