The ratings on Colorado Housing Finance Authority's (CHFA)single-family program bonds are based upon: The very high quality of the mortgage collateral, which primarily consists 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 that demonstrate 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 2000D subordinate bonds is based upon a GO pledge by the authority ('A+'/Stable) as well as the mortgage collateral. The bonds are being issued on a stand-alone basis to provide funds for the purchase of mortgage loans
