Standard&Poor's Ratings Services affirmed its 'AA+/A-1+' rating on the Colorado Housing and Finance Authority's (CHFA) multifamily housing insured mortgage revenue bonds. The outlook is negative The rating reflects our anticipation of a $4 million withdrawal from the trust estate in April 2012. The rating further reflects our view of: The strength of the Federal Housing Authority (FHA)-insured and FHA risk-share mortgage loans under the parity resolution, as evidenced by the strong performance of the consolidated cash flows; The sovereign rating on the United States of America; 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 oversight of
