Standard&Poor's Ratings Services assigned its 'AA+' rating to the Wyoming Community Development Authority's (WCDA) housing revenue bonds, series 2013-1, 2013-2, and 2013-3. In addition, Standard&Poor's affirmed its 'AA+' long-term rating on the bonds previously issued under WCDA's 1994 parity indenture. The outlook is stable. The 'AA+' long-term rating is based on our view of the following strengths: Strong credit quality of the mortgage loan collateral; Strength of the cash flow runs, with asset-to-liability (AL) parity of 115.3% as of July 1, 2012; Very strong reserve levels that are sized in accordance with Standard&Poor's 'AA+' rating level minimums to provide protection for potential loan losses; Reduced exposure to variable-rate debt to 13% of total debt
