Standard&Poor's Ratings Services affirmed its 'AA' rating on Colorado Housing and Finance Authority's (CHFA) single-family program senior bonds, series 2000B, reflecting: A very strong and increasing asset-to-liability parity position of 120%; The high credit quality of the mortgage loan collateral; Fully funded reserves, ensuring adequate liquidity; and Investments supporting the rating on the bonds. These strengths are offset by high delinquency and foreclosure rates. These high delinquency and foreclosure rates are mitigated by the issue's substantial overcollateralization and strong oversight from CHFA. The bonds are secured by single-family whole loans that have performed well since the bonds were first issued. Excess assets over liabilities have consistently increased. The bonds have a senior/subordinate structure, whereby loan loss protection for
