The ratings on Colorado Housing and Finance Authority's bonds reflects: * The credit quality of the mortgage loan collateral; * Fully funded reserves providing adequate liquidity; * Delinquency and foreclosure rates that are in line with MBA statistics; and * The credit quality of investments held under the indentures. The upgrade on each of the stand-alone series 1989A-1992A bonds reflects the continued strong performance of the bond resolutions as indicated by excess assets over liabilities. All single family whole loan series issued through 1992 share the same senior/subordinate structure. Loan loss protection for the senior bonds is provided by overcollateralization, initially provided by the subordinate bonds, and subsequently enhanced through excess earnings. The authority can release excess funds free and
