...S&P Global Ratings assigned its 'A' long-term rating, and stable outlook, to Connecticut Housing Finance Authority's state-supported special obligation bonds, series 23, series 24, series 25, and series 26 (federally taxable). We base our rating on the series 23, 24, and 26 bonds on our rating on the State of Connecticut's general obligation (GO) debt (A/Stable) and the security provided by the state's special needs housing capital reserve fund. The bonds, and certain other state program bonds outstanding, will be paid first by group home owners from rental payments made by residents who received funding and reimbursement payments for room and board from the state Department of Social Services, or by assisted living facility owners from rental subsidy payments made by the Department of Housing. To the extent these payments are not sufficient, the bonds are secured by the special needs housing capital reserve fund established under Section 8-258(b) of the General Statutes of Connecticut....
