Standard&Poor's Ratings Services affirmed its 'AA' issuer credit rating (ICR) on the Wyoming Community Development Authority (WCDA). The outlook is stable. The rating reflects our view of the authority's: Profitability ratios, which are strengthening in a low-interest-rate environment; Stable and growing equity; Experienced and active management team with strong legislative support; and Prudent debt management policies. Partly offsetting the above strengths, in our view, are the authority's: Higher-than-average delinquency rates for housing finance agency (HFA) loan portfolios. In our view, the authority has a moderate risk asset base, 65% of which is mortgage loans. The risk profile of its loan portfolio benefits from coverage provided by government mortgage insurers, such as the Federal Housing Administration (FHA), the Veterans
