The ratings on the Tennessee Housing Development Agency's bonds are affirmed and reflect: Credit quality of the single family loan portfolio; A bond indenture with impressive financial strength; Adequacy of reserves for liquidity; Sufficient loss coverage in the form of excess assets; Investments commensurate with the rating on the bonds. The ratings on the bonds are affirmed and a new rating is issued for issues 1998-3A, a $25.2 million single family long-term bond issue, 1998-3B, a $14.8 million single family long-term bond issue and 1998-3C, a convertible option bond a mandatory tender date of Aug. 26, 1999. Proceeds for the sale from the 1998-3A and 1998-3B will be used to redeem the prior bonds issued under the indenture and to
