Standard&Poor's Ratings Services removed its ratings on Georgia Housing and Finance Authority's outstanding debt from CreditWatch with negative implications, based on our view of the financial strength of the bonds and the strong oversight of the authority. At the same time, Standard&Poor's affirmed its 'AAA' long-term rating on the debt. The outlook is stable. The 'AAA' long-term rating reflects our view of: Economic stress scenario cash flows under various prepayment speeds, demonstrating, in our view, that there is currently sufficient loss coverage at the 'AAA' rating level; The quality of the single-family mortgage collateral; The equal and ratable pledge of all bonds under the resolution; A reserve fund; and The quality of the investments permitted and
