Standard&Poor's Ratings Services assigned its 'AA+' rating to the Wyoming Community Development Authority's (WCDA) housing revenue bonds, series 2012-1 and 2012-2. In addition, Standard&Poor's affirmed its 'AA+' rating and underlying rating (SPUR) on the bonds previously issued under WCDA's 1994 parity indenture. The outlook is stable. The ratings reflect our view of the following strengths: The strong credit quality of the mortgage loan collateral; The strength of the cash flow runs, with asset-to-liability parity of 113.44% as of July 1, 2011; Very strong reserve levels that are sized in accordance with Standard&Poor's 'AA+' rating level minimums to provide protection for potential loan losses; The reduced exposure to variable-rate debt to 15% of total debt
