Standard&Poor's Rating Services assigned its 'AA' rating to Tennessee Housing Development Agency's $100 million homeownership program bonds series 2004-3A and 2004-3B. The rating reflects: 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 investments. The bond resolution was begun in 1985, and all bonds in the resolution are on parity. Proceeds of this issue are about $83 million in new money allocation and $17 million of refunding money to be used to refund previously issued bonds. The loans associated with the bonds being refunded will be transferred to this new issue and
