The 'AAA' and 'AA' long-term ratings on Colorado Housing and Finance Authority's (CHFA) series 2005A class I and class II bonds and outstanding class I and II multifamily project bonds are based on the following factors: High quality of credit, based on 287 first mortgage loans for affordable multifamily properties in Colorado; Sufficient overcollateralization to maintain the ratings throughout bond maturity; Strong historical oversight and asset management by the CHFA of properties in its 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 principal and interest on uninsured loans. The 'A-1+' short-term ratings on the series 2005A class I and class II
