The 'AA' long-term rating assigned to Colorado Housing and Finance Authority's (CHFA) class II multifamily project bonds, series 2008 A-1 and A-2, and the affirmed 'AAA' and 'AA' ratings on CHFA's class I and II multifamily project bonds, are based on the following factors: High quality of credit, based on 477 first mortgage loans for affordable multifamily properties and businesses in Colorado; Sufficient over-collateralization to maintain the ratings through bond maturity; Strong historical oversight and asset management by the CHFA of properties in its portfolio; and A debt service reserve funded at a minimum of eight months of maximum loan principal and interest on all insured loans, and 12 months of principal and interest on uninsured loans. The 'A-1+' short-term
