The ratings on Tennessee Housing Development Agency's homeownership program bonds are affirmed and reflect: Very strong credit quality of the single-family loan portfolio, Substantial financial strength of the bond resolution, Very strong adequacy of reserves for liquidity, Sufficient loss coverage in the form of excess assets, and High quality of investments. The homeownership program bond resolution was begun in 1985. All bonds in the resolution are on parity. The ratings on the resolution bonds are affirmed and new ratings are assigned to issues 2001-1A and 2001-1B, which total $135,390,000 and will be used primarily to refund various series of bonds in the resolution on July 1, 2001. The remaining $21,000,000 of bond proceeds will be used to make new single-family
