The rating on the Colorado Housing and Finance Authority's (CHFA) senior series 2001B single-family program bonds is based upon the following factors: The very high quality of the mortgage collateral, consisting primarily of FHA-insured and VA-guaranteed mortgage loans, A conscientious and experienced state housing finance authority overseeing the performance of the loan portfolio, Various stressful cash flow scenarios demonstrating the sufficiency of revenues and assets to cover all debt service and fees until maturity, Overcollateralization at the 'AA' rating level, and A strong legal structure. The rating on CHFA's series 2001B subordinate bonds is based upon a general obligation pledge by the authority ('A+'/stable), as well as the mortgage collateral. The bonds are being issued on a stand-alone basis to
