Standard&Poor's Ratings Services assigned its 'AAA' long-term rating to Georgia Housing and Finance Authority's series 2014A-1, A-2, A-3, and A-4 single-family mortgage bonds. At the same time, Standard&Poor's affirmed its 'AAA' long-term rating on all other outstanding issues under the single-family mortgage bonds resolution (the general resolution). The outlook on all issues is stable. The 'AAA' rating reflects our view of: The economic stress scenario cash flows run under various prepayment speeds, demonstrating sufficient loss coverage for a 'AAA' rating; The strong credit quality of the collateral securing the bonds -- a mortgage pool consisting of a high percentage of low loan-to-value ratios and Federal Housing Administration (FHA)-, Veterans Administration (VA)-, or Rural Housing Service (RHS)-guaranteed
