The upgrade to 'AAA' on Georgia Housing and Finance Authority's bonds reflects: * The quality of the mortgage loan collateral; * Strength of the indenture cash flows (and associated reserves); * Loan loss coverage sufficiency; * Adequacy of the indenture's reserves; * Quality of the investments under the resolution; and * The authority's top-tier status. The bonds are the first issue offered by the authority since Standard&Poor's affirmed the authority's top-tier designation on June 15, 1998. The affirmation reflected the continuing strong performance of the authority's bond resolutions and its continuing ability as a financially sound, experienced entity able to provide strong management and, when necessary, financial support to its bond issues. All bonds are in parity with
