The rating on Colorado Housing Finance Authority's bonds, issued for Winridge Apartments, reflects a FNMA collateral agreement for full and timely payment of principal and interest on the mortgage backing the bonds. The 'A-1+' rating reflects FNMA's obligation under the agreement to pay the purchase price of tendered bonds. Investments held under the trust indenture are 'AAA' eligible. FNMA receives implied U.S. government support for payments made under the collateral agreement, and therefore qualifies as 'AAA' eligible under Standard&Poor's rating criteria. FNMA primarily pledges to cover missed mortgage payments which occur prior to bond payment dates and the purchase price for tenders of bonds in the event of a failed remarketing. FNMA's collateral agreement obligation extends to mortgage
