Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to Tennessee Housing Development Agency's (THDA) $137.1 million series 2011-1A-C homeownership program bonds. At the same time, Standard&Poor's affirmed its 'AA+' long-term and underlying rating (SPUR) on the agency's outstanding debt that is on parity in the resolution. The outlook on all ratings is stable. The ratings reflect our view of the agency's: Very strong indenture cash flows reflecting an asset-to-liability ratio of 120.21% 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
