The rating on Colorado Housing and Finance Authority's class I and class II bonds reflects: A pledge of 91 fully amortizing first mortgage loans for affordable multifamily properties in Colorado, Strong performance of properties evidenced by limited defaults and no losses for the portfolio, Loan loss coverage provided by excess assets over liabilities, and CHFA's strong underwriting and oversight of the projects and bonds. The rating on the agency's class III bonds reflects CHFA's GO pledge as the primary security for the bonds in addition to the mortgage collateral. It also reflects the pledge of CHFA's 'A+' Issuer Credit Rating (ICR). The short-term rating on the variable-rate bonds reflects the standby bond purchase agreements provided by The Federal Home Loan
