Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to Tennessee Housing Development Agency's (THDA) homeownership program bonds, series 2012-2A, 2012-2B, and 2012-2C, issued in the amount of $97.6 million under the agency's 1985 homeownership program resolution. Also, Standard&Poor's affirmed its 'AA+' long-term rating on the other outstanding debt issued under that 1985 resolution. The outlook is stable. These ratings reflect our view of: Very strong indenture cash flows showing minimum asset-liability parity of 118%; A single-family whole loan portfolio of very strong credit quality, with more than 82% of loans guaranteed by the U.S. government and limited exposure to loan loss recoveries associated with private mortgage insurance; Sufficiency of liquid reserves; High-quality investments commensurate with the
