Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to Tennessee Housing Development Agency's (THDA) residential finance program bonds, issue 2015-2A, and 2015-2B, issued under THDA's 2013 general residential finance program bond resolution (the 2013 general resolution). Also, Standard&Poor's affirmed its 'AA+' long-term rating on the agency's outstanding bonds issued under the 2013 general resolution, all of which are on parity with each other as well as with the issue 2015-2 bonds. The outlook on all ratings is stable. The rating reflects our view of the agency's: Very strong resolution cash flows showing minimum asset-liability parity of 111.6%; A single-family whole-loan portfolio of very strong credit quality, with more than 98% of loans (by outstanding balance) either
