The assigned 'AAA' long-term rating on Colorado Housing and Finance Authority's (CHFA) series 2005 B-1 and 2005 B-2 bonds and existing class I single-family mortgage bonds reflects: Substantial overcollateralization exceeding 111.5% on the senior class I bonds; The extremely strong credit quality of the FHA-insured, conventionally insured, other insured, and uninsured mortgage loans backing the bonds; The ability to address swap risks in accordance with Standard&Poor's Ratings Services' criteria; Very high-quality investments; and Sufficiency of reserves to cover potential credit and liquidity shortfalls. The short-term 'A-1+' rating on the class I bonds was based on a SBPA from Dexia Credit Local ('A-1+') for the purchase price of tenders on the series 2005 B-2 bonds. The 'SP-1+' rating on
