Standard&Poor's Ratings Services affirmed its 'AA+' long-term rating on Tennessee Housing Development Agency's (THDA) 1985 homeownership program resolution. The outlook is stable. These ratings reflect our view of: Very strong indenture cash flows showing minimum asset-liability parity of approximately 125%; A single-family whole loan portfolio of very strong credit quality, with more than 77% of loans guaranteed by the U.S. government and limited exposure to loan loss recoveries associated with private mortgage insurance; Sufficiency of liquid reserves; High-quality investments commensurate with the rating on the bonds; and Legal provisions and program management that continue to be consistent with our criteria. All bonds in the 1985 resolution are on parity. Consolidated cash flows with a basis date of July
