Summary: Rhode Island Hsg & Mtg Fin Corp; Housing, Note; Housing, Single Family Whole Loan Mar 02

Standard & Poors, March 2002

Abstract
The ratings on Rhode Island Housing and Mortgage Finance Corp.'s (RIHMFC) series 39 bonds and notes, and affirmation of the existing ratings under the resolution reflect: Very good performance and very strong credit quality of the mortgage loan collateral; Strength of the indenture cash flow runs; Strong reserve levels sized in accordance with Standard & Poor's 'AA' rating level in order to provide protection for potential loan loss losses; The corporation's very strong issuer credit rating (AA-); Very high credit quality of investments under the resolution, which are invested substantially with providers whose ratings are 'AA+' and higher; and RIHMFC's top tier status. Proceeds from the sale of the bonds and notes will be combined with other monies available under...

Companies mentioned in this report are:
- Rhode Island Hsg & Mtg Fin Corp

Action: New Rating

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.

- Rhode Island Hsg & Mtg Fin Corp

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