Standard&Poor's Ratings Services affirmed its 'AA' issuer credit rating (ICR) on the Wyoming Community Development Authority (WCDA). The affirmation reflects: Consistently growing equity levels; High credit quality and low-to-moderate risk of the authority's asset base; An experienced and active management team with strong legislative support; Prudent debt management policies; and The lack of general obligation (GO) debt. The above strengths are offset by the following weaknesses: Declining investment income, A decline in profitability in each of the last two fiscal years, and Deteriorating performance of the mortgage collateral. These weaknesses are mitigated in part by profitability ratios that continue to be higher than the five-year average ratios for 'AA'-rated housing finance agencies (HFAs), and by insurance coverage on
