The rating on Colorado Housing Finance Agency's bonds reflects: The high credit quality of the mortgage loan collateral; Fully funded reserves providing adequate liquidity; The credit quality of investments held under the indenture; and The continuing strength of the cash flows, contributing to a solid asset-to-liability ratio of 118% on Sept. 30, 1998. On the outstanding bonds, which include series 1978A through 1996AA, this large parity resolution is affirmed based on the continued performance of the underlying collateral. As of Sept. 30, 1998, there were 2,114 loans remaining, of which 38% had conventional mortgage insurance, 33% were FHA insured, 12% were VA insured, 4% were insured through Rural Housing and Community Development Service, and 13% were uninsured. The mortgage rate
