Standard&Poor's Ratings Services revised its rating on Colorado Housing and Finance Authority (CHFA)'s adjustable-rate multifamily housing insured mortgage revenue bonds, series 2002AA, to 'AAA/A-1+' from 'AA+/NR' reflecting the substitution of a standby letter of credit from Fannie Mae and Freddie Mac on Dec. 16, 2009. Standard&Poor's also affirmed its 'AA+' underlying rating (SPUR) on the resolution, which reflects: The strength of the Federal Housing Administration (FHA)-insured and FHA risk-share mortgage loans under the parity resolution, as evidenced by the strong performance of the consolidated cash flows; Consolidated cash flows demonstrating sufficient revenues to cover all debt service payments and expenses; Sufficient reserve levels to cover credit and liquidity shortfalls; High credit quality of investments; and Strong
