Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to Tennessee Housing Development Agency's (THDA) $133.865 million series 2012-1A, 2012-1B, and 2012-1C homeownership program bonds. At the same time, Standard&Poor's affirmed its 'AA+' long-term rating on the agency's outstanding debt that is on parity in the resolution. The outlook on all ratings is stable. The ratings reflect our view of the agency's: Very strong indenture cash flows reflecting an asset-to-liability ratio of 120.21% based on consolidated cash flows; Very strong credit quality of the single-family loan portfolio, with approximately 80% of the loans guaranteed by the Veterans Administration (VA), Federal Housing Authority (FHA) or U.S. Department of Agriculture (USDA) Rural Development; Limited exposure to loan loss recoveries
