Summary: Colorado Housing and Finance Authority; Multifamily Whole Loan; Single Family Whole Loan Dec 11

Standard & Poors, December 2011

Abstract
Standard & Poor's Ratings Services removed its ratings on the Colorado Housing and Finance Authority's (CHFA) Class I bonds under its single-family mortgage bond indenture from CreditWatch with negative implications and affirmed the ratings at 'AAA'. The outlook is stable. The ratings reflect our opinion of: Substantial overcollateralization that exceeds 114% on the senior Class I bonds; Very strong credit quality of the Federal Housing Authority (FHA)-insured, conventionally insured, other insured, and uninsured mortgage loans backing the bonds; Sufficiency of reserves to cover potential credit and liquidity shortfalls; and High-quality investments. Partly offsetting these strengths is our view of a loan portfolio with high delinquency. Standard & Poor's also lowered the short-term rating to 'A-1' from 'A-1+' on the authority's...

Companies mentioned in this report are: Colorado Hsg & Fin Auth
Action: Affirmed
Action: Outlook: Stable
Action: Removed From CreditWatch

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.

Colorado Hsg & Fin Auth

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