The ratings on Colorado Housing and Finance Authority's (CHFA) class I and II multifamily project bonds are based upon the following factors: Pledge of 114 fully amortizing first mortgage loans for affordable multifamily properties in Colorado; Strong performance of properties evidenced by limited defaults and no losses for portfolio; CHFA's strong historical oversight and asset management of properties in their portfolio; and A debt service reserve funded at eight months maximum loan principal and interest on all loans. The rating on the class III bonds is based upon a general obligation pledge by CHFA, which carries an 'A+' rating with a positive outlook. The 2001A bonds will be issued in three of four tranches established under CHFA's 2000 Multifamily Project