Standard&Poor's Ratings Services affirmed its 'AA+' long-term and underlying ratings (SPUR) on Tennessee Housing Development Agency's (THDA) general homeownership program bonds. THDA expects to use the proceeds from the issuance of their 2010-A2 bonds (issued pursuant to their 2009 general housing finance resolution adopted by THDA on Nov. 19, 2009) to refund their 1996-3 and 1999-3 bonds outstanding under THDA's general homeownership program bond resolution. As a result of the refunding, mortgage loans previously allocable to the general homeownership program bonds will be allocated to their general housing finance resolution. In our view, the rating reflects Standard&Poor's opinion of THDA's: Very strong indenture cash flows reflecting an asset-to-liability ratio of 118% based on consolidated cash flows;
