Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to Tennessee Housing Development Agency's (THDA) residential finance program bonds, issues 2015-1A, 2015-1B, and 2015-1C, issued under THDA's 2013 General Residential Finance Program Bond Resolution (the 2013 general resolution). Also, Standard&Poor's affirmed its 'AA+' rating on the other outstanding bonds issued under the 2013 general resolution, all of which are on parity with each other as well as with the issue 2015-1 bonds. The outlook is stable. The rating reflects our view of: Very strong resolution cash flows showing minimum asset-liability parity of 112.6%; A single-family whole-loan portfolio of very strong credit quality, with more than 98% of loans (by outstanding balance) either guaranteed by the U.S. government
