The 'AAA' and 'AA' long-term ratings on Colorado Housing and Finance Authority's (CHFA) single-family mortgage bonds reflect: The credit quality of the FHA-insured, conventionally insured and other mortgage loans backing the bonds; High-quality investments; Sufficiency of reserves to cover potential credit and liquidity shortfalls; Substantial overcollateralization, as required in bond documents; and A strong legal structure. The 'A+/positive' long-term rating is based on the general obligation of the Colorado Housing and Finance Authority. The short-term 'A-1+' rating on the class I bonds is based on an SBPA from the Lloyds TSB Bank PLC ('A-1+') for the purchase price of tenders. This is CHFA's third issue under an open indenture established in 2001. Following this issuance the indenture will have approximately
