Colorado Housing Finance Authority Issuer Credit Rating Raised To #A+# On Positive Credit Trends

Stocks and Financial Services Press Releases Wednesday May 23, 2018 09:29
CENTENNIAL--23 May--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) May 22, 2018--S&P Global Ratings raised its issuer credit rating (ICR) to 'A+' from 'A' on Colorado Housing & Finance Authority (CHFA). The outlook is stable. The rating and outlook apply to all debt supported by the authority's general obligation (GO) pledge.

"The improved rating reflects several positive credit trends exhibited by the authority over the last five years," said S&P Global Ratings credit analyst Joanie Monaghan. "Specifically, continued increases in net equity position and marked decrease in delinquencies supporting a strong asset quality assessment. Furthermore, the authority's strategic approach to decreasing its overall variable-rate-debt exposure--thus decreasing reliance upon swap and liquidity counterparties--is also viewed as risk-adverse and as a positive trend."

The stable outlook reflects our view that CHFA will continue to operate and perform at the 'A+' level. Because CHFA's profitability and equity ratios have been either improving or stable over several periods, we believe the authority will likely continue in this direction especially as the economy strengthens. Further, the stable outlook reflects the authority's consistent trend in declining NPAs, indicating an established and strong asset base. Lastly, the authority's strategic approach in reducing risks associated with variable rate debt exposure by methodically decreasing total variable rate debt outstanding supports the stable outlook.

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating action can be found on S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.


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