The 'AAA', long-term rating on Colorado Housing and Finance Authority's (CHFA) 2003 series C and existing single-family mortgage bonds reflects: The credit quality of the FHA-insured, conventionally insured, other insured and uninsured 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+' rating and positive outlook on 2003 C class III bonds are based on the GO 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 JP Morgan Chase Bank ('A-1+') and Dexia Credit Local ('A-1+') for the purchase price of tenders on the taxable,
