Standard&Poor's Ratings Services affirmed its ratings on the Colorado Housing and Finance Authority's (CHFA) Class I and Class II bonds under its single-family mortgage bond indenture, in anticipation of the exchange of $16 million in liquid assets for $28 million in loans from nine other bond programs. The affirmation of the 'AA/A-2' rating on the series 2007B-3 also reflects the anticipated substitution of a standby bond purchase agreement from the Royal Bank of Canada (RBC; 'A-1+' short-term rating) for a KBC ('A-2' short-term rating) liquidity facility on May 18, 2012. The outlook on all ratings, where applicable, is stable. The ratings reflect our opinion of: Substantial overcollateralization that exceeds 115% on the senior Class I bonds and 107%
