Standard&Poor's Ratings Services affirmed its 'AA' issuer credit rating (ICR) on the Wyoming Community Development Authority (WCDA). The rating reflects reflects our view of the authority's: Profitability ratios that remain above 1% in a low-interest-rate environment; Experienced and active management team with strong legislative support; and Prudent debt management policies Partly offsetting the above strengths is our view of the authority's: Declining investment income; and Higher delinquency rates than the average for housing finance agency (HFA) loan portfolios In our view, the authority has a moderate-risk asset base, 62% of which is mortgage loans. The risk profile of its loan portfolio benefits from coverage provided by government mortgage insurers, such as Federal Housing Administration (FHA), Veterans Administration (VA),
