Standard&Poor's Ratings Services affirmed its 'AA+' rating on New Mexico Mortgage Finance Authority's (Sun Pointe Park L.P.) multifamily housing revenue bonds (Sun Pointe Park Apartments), series 2005E and 2005F. The outlook is negative. The rating reflects our view of: The very strong credit quality of the mortgage collateral backed by the Federal Housing Administration (FHA), pursuant to its Risk Share Program, which we consider to be 'AA+' eligible; The sufficiency of mortgage revenues and investment earnings to pay full and timely debt service on the bonds until maturity; The sufficiency of the debt service reserve fund, sized at six months' maximum debt service on the bonds; The coverage of credit shortfalls, including reinvestment risk, with a cash contribution
