Standard&Poor's Ratings Services removed its ratings on the Colorado Housing and Finance Authority's (CHFA) Class I bonds under its multifamily mortgage bond indenture from CreditWatch with negative implications, where they were placed on Aug. 8, 2011, and affirmed the ratings at 'AAA'. The outlook is stable. The ratings reflect our opinion of: Substantial overcollateralization that exceeds 160% on the senior Class I bonds; High credit quality, based on 452 first mortgage loans for affordable multifamily properties and businesses in Colorado; Strong historical oversight and asset management of the properties in CHFA's 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
