NEW YORK (Standard&Poor's) Sept. 30, 2003--Standard&Poor's Ratings Services assigned its 'AA' rating to Tennessee Housing Development Agency's $75 million homeownership program bonds series 2003-3A and 2003-3B, reflecting the very strong credit quality of the single-family loan portfolio, substantial financial strength of the bond resolution, very strong adequacy of reserves for liquidity, sufficient loss coverage in the form of excess assets, and high quality investments. 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 $37 million in new money allocation and $38 million of replacement refunding money to be used to refund existing agency debt. All $75 million will be
