NEW YORK (Standard&Poor's) May 11, 2009--Standard&Poor's Ratings Services raised its underlying rating (SPUR) and its long-term ratings on Tennessee Housing Development Agency's (THDA) general homeownership program bonds to 'AA+' from 'AA'. At the same time, Standard&Poor's assigned its 'AA+' long-term rating to THDA's $50 million general homeownership bonds series 2009-1. "The ratings reflect Standard&Poor's opinion that the resolution demonstrates very strong credit protection to bondholders reflected in part by very healthy cash flow projections, high quality investments, and a continued demonstration of sufficient excesses to cover Standard&Poor's projected losses on the mortgage loan portfolio," said Standard&Poor's credit analyst Edward Ubiera. This bond indenture opened in 1985 and all
