The rating on Colorado Housing&Finance Authority's bonds reflects the collateral agreement provided by the FNMA. All series are independently secured. FNMA is providing credit and liquidity for this transaction and is a U.S. government sponsored agency whose payment is assessed 'AAA' by Standard&Poor's. The 'AAA' rating represents the likelihood bondholders will receive payments of debt service. The 'A-1+' rating represents the likelihood of payment for mandatory and optional tenders during the issue's variable rate mode. During this period the interest rate is adjusted weekly and bondholders have the right to tender their bonds for payment upon seven days notice to the trustee. During the weekly rate, bondholders will be paid interest only on their bonds. The
