NEW YORK (Standard&Poor's) Aug. 4, 2003--Standard&Poor's Ratings Services has assigned its 'AA' rating to Tennessee Housing Development Agency's $192 million series 2003A bonds, reflecting substantial excesses in the resolution able to support forecasted losses at the 'AA' level, very strong adequacy of reserves for liquidity, adequate performance of underlying mortgage loans despite higher than average delinquency statistics, and high quality investments. The outlook is stable. The general resolution was begun in 1974, and all bonds in the resolution are on parity. The bonds are supported by single-family whole loans, multifamily loans, and investments. The series 2003A bond proceeds will be used to refund existing series 1993A bonds on Oct. 1, 2003. In addition, about $45 million
