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+' long-term rating and positive outlook are based on the general obligation rating 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. The 'SP-1+' rating on the class I A-5 notes reflects the investment of those proceeds in a
