NEW YORK – (Standard&Poor's CreditWire) Jan. 7, 2000—Standard&Poor's today raised its rating to double-'A' from single-'A'-plus on Tennessee Housing Development Agency's $517 million bonds for its Mortgage Finance Program 1974 general resolution. Standard&Poor's also revised its rating to stable from positive. The upgrade reflects: -- Substantial excesses in the resolution able to support forecasted losses at the double-'A' level, as shown by consolidated cash flows; -- Adequate performance of underlying mortgage loans, despite higher than average delinquency statistics; -- Quality of investments; and -- Moral obligation pledge of the state to replenish any insufficiencies to meet debt service and reserve requirements. The general resolution was begun in 1974, and all bonds in the resolution
