Standard&Poor's Ratings Services affirmed its 'AAA' long-term rating on the Colorado Housing and Finance Authority's (CHFA) Class I multifamily project bonds and its 'AA' long-term rating on CHFA's Class II multifamily project bonds. The ratings are based on our view of CHFA's: High credit quality, based on 480 first mortgage loans for affordable multifamily properties and businesses in Colorado; Sufficient overcollateralization to maintain the ratings through bond maturity; Strong historical oversight and asset management of the properties in its portfolio; and 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 bond program included 480 loans as
