NEW YORK (Standard&Poor's) Jan. 27, 2004--Standard&Poor's Ratings Services assigned its 'AA' rating to Tennessee Housing Development Agency's $80 million homeownership program bonds, 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. All $80 million of the proceeds of this issue will be used to make new single-family loans. Cash flows were prepared on a stand-alone basis for this issue, reflecting a small reliance on the parity resolution, which is easily covered by the substantial overcollateralization. Consolidated cash flows for the bond resolution as
