Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to Tennessee Housing Development Agency's (THDA) approximately $125 million series 2010-1A-C general homeownership program bonds. At the same time, Standard&Poor's affirmed its 'AA+' long-term and underlying rating (SPUR) the agency's outstanding debt that is on parity in the resolution. The outlook is stable. The rating reflects our view of the agency's: Very strong indenture cash flows reflecting asset-to-liability ratio of 118% based on consolidated cash flows; Very strong credit quality of the single-family loan portfolio, with approximately 80% of the loans guaranteed by the Veterans Administration (VA), Federal Housing Authority (FHA) or U.S. Department of Agriculture (USDA) Rural Development; Limited exposure to loan loss recoveries associated with private
