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 WCDA's: Improved profitability ratios and equity levels during the last five years, Experienced and active management team with strong legislative support, and Prudent debt management policies. Partly offsetting the above strengths, in our view, is the authority's continued higher-than-average delinquency rates for housing finance agency (HFA) loan portfolios. In our view, the authority has a moderate risk asset base, 75% 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, the Veterans Administration, and the
