Standard&Poor's Ratings Services removed its ratings on the Colorado Housing and Finance Authority's (CHFA) Class I bonds under its single-family mortgage bond indenture from CreditWatch with negative implications and affirmed the ratings at 'AAA'. The outlook is stable. The ratings reflect our opinion of: Substantial overcollateralization that exceeds 114% on the senior Class I bonds; Very strong credit quality of the Federal Housing Authority (FHA)-insured, conventionally insured, other insured, and uninsured mortgage loans backing the bonds; Sufficiency of reserves to cover potential credit and liquidity shortfalls; and High-quality investments. Partly offsetting these strengths is our view of a loan portfolio with high delinquency. Standard&Poor's also lowered the short-term rating to 'A-1' from 'A-1+' on the authority's
