The 'AA' rating on Tennessee Housing Development Agency's (THDA) mortgage finance program bonds 2003 series A has been affirmed and reflects: Substantial excesses in the resolution able to support forecasted losses at the 'AA' level, Very strong adequacy of reserves for liquidity, Adequate performance of underlying mortgage loans despite higher than average delinquency statistics, High quality investments, and A potential recourse to the moral obligation of the state of Tennessee currently rated 'AA+' by Standard&Poor's Ratings Services. The general resolution was begun in 1974 and the current outstanding bonds are supported by single-family whole loans, multifamily loans, and investments. The series 2003A bond proceeds were used to refund existing series 1993A bonds on Oct. 1, 2003. THDA has
