NEW YORK (Standard&Poor's) Feb. 4, 2003--Standard&Poor's Ratings Services has assigned its 'AA' rating to Tennessee Housing Development Agency's $50 million homeownership program bonds, reflecting the very strong credit quality of the single-family loan portfolio, substantial strength of the bond resolution, and very strong adequacy of liquidity reserves. The outlook is stable. The bond resolution was begun in 1985, and all bonds in the resolution are on parity. Proceeds of this issue are about $24 million in new money allocation and $26 million of replacement refunding money to be used to refund existing agency debt. All $50 million will be used to make new single-family loans. Cash flows were prepared on a stand-alone basis for this issue,
