Summary: Georgia Housing And Finance Authority; Single Family Whole Loan Aug 11

Standard & Poors, August 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AAA' long-term rating to Georgia Housing and Finance Authority's (GHFA) single-family mortgage revenue bonds series 2009C-4 and 2011B. At the same time, Standard & Poor's affirmed its 'AAA' rating on GHFA's parity resolution. The ratings are on CreditWatch with negative implications. The ratings reflect our opinion of: The extremely strong credit quality of the collateral securing the bonds--a pool of mortgages consisting primarily of Federal Housing Administration (FHA)-insured or Veterans Administration (VA)-guaranteed loans, which benefit from the full faith and credit of the U.S. (AA+); Fully funded reserves and sufficient liquidity; Very strong credit quality of the investments; Cash flow sufficiency demonstrating ample loss coverage protection at the 'AAA' level; and Sufficient loss...

Companies mentioned in this report are: Georgia Hsg and Fin Auth
Action: Affirmed
Action: New Rating
Action: On CreditWatch:Negative

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Georgia Hsg and Fin Auth

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