Standard&Poor's Ratings Services assigned its 'AA' rating to Tennessee Housing Development Agency's (THDA) homeownership program bonds series 2008-3. Concurrently, Standard&Poor's affirmed its 'AA' standard long-term rating and 'AA' underlying rating (SPUR) on the agency's outstanding bonds. Proceeds of the new issuance will be used to make new single-family mortgages and refund a portion of the agency's prior notes. The ratings reflect: Very strong credit quality of the single-family loan portfolio with 76.4% of the loans guaranteed by VA, FHA or USDA Rural Development; Preliminary stand alone cash flows with an opening asset-to-liability parity ratio of 100.011%; Excess assets sufficient to support loss coverage stresses; and High quality investments. The agency has issued single-family bonds under this
